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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 22, 2008, Vol. 9, No. 210

                            Headlines

A U S T R I A

BB BADBAU: Claims Registration Period Ends November 4
SAF TECH: Claims Registration Period Ends November 4
SINED LLC: Claims Registration Period Ends November 4
T E A M 3 LLC: Claims Registration Period Ends November 4
WIENER SILBERSCHMIEDE: Claims Registration Period Ends Nov. 4


F R A N C E

ELECTRICITE DE FRANCE: Fitch Confirms 'BB' Rating on Cl. C Notes
FAGORBRANDT: EU Approves France's EUR31 Mln Restructuring Aid
THOMSON SA: Moody's Affirms B1 Corporate Family Rating


G E R M A N Y

AV - SALES VERWALTUNGS: Claims Registration Period Ends Oct. 27
B & Z TIEF: Claims Registration Period Ends October 29
BALTIC EVENT-GASTRONOMIE: Claims Registration Ends Oct. 29
BAYERNLB BANK: To Seek EUR5.4 Bln Aid Under Federal Bailout Plan
BIEBERTALER STANZ: Claims Registration Period Ends Oct. 27

COSTEC GMBH: Claims Registration Period Ends Oct. 29
CHRYSLER LLC: Prefers GM Over Nissan-Renault, WSJ Report Says
CHRYSLER LLC: GM Unable to Secure Financing for Merger
EPICEPT CORPORATION: Hercules Converts Secured Loan to Shares
HOELTZCHEN BRAUEREI: Claims Registration Period Ends Oct. 29

HOLGER UHLIG: Claims Registration Period Ends October 27
VISTEON CORP: Weak Sales Prompt S&P to Lower Corp. Credit to 'B-'
WIEGAND WELLNESS: Creditors Meeting Slated for Oct. 29


I C E L A N D

STODIR HF: Seeks Three-Month Extension on Creditor Protection


I R E L A N D

MAGNOLIA FINANCE: Fitch Junks Ratings on Three Classes of Notes


I T A L Y

PARMALAT SPA: Loses Case Against Citigroup; Must Pay US$364 Mln.


K A Z A K H S T A N

ATEC TELECOM: Creditors Must File Claims by November 28
ATYRAU TRANS: Claims Deadline Slated for November 28
EUROASIA BANK: Claims Filing Period Ends November 28
KAZ TAT: Creditors' Claims Due on November 28
LINKOR AKTAU: Claims Registration Ends November 28

NNS-K LLP: Creditors Must File Claims by November 28
OLAND LLP: Claims Deadline Slated for November 28
RICH FURNITURE: Claims Filing Period Ends November 28
SIVKA KAZAKHSTAN: Creditors' Claims Due on November 28
TURKUAZ TOURISM: Claims Filing Period Ends November 28


K Y R G Y Z S T A N

AIR KYRGYZ: Creditors Must File Claims by November 19
STROY DOM: Claims Filing Period Ends November 19


L U X E M B O U R G

GOODYEAR TIRE: CFO Schmitz Resigns, Darren R. Wells Assumes Role


N E T H E R L A N D S

METINVEST BV: Moody's Changes Outlook on Ratings to Negative


R U S S I A

INSTRUMENT PLANT: Creditors Must File Claims by December 10
KHIM-PROM LLC: Creditors Must File Claims by December 10
KLIMATEKHNIKA LLC: Court Names O. Volkova as Insolvency Manager
KURSKAYA FOUNDRY: Creditors Must File Claims by December 3
OGK-5 JSC: Board Revamps Executive Board

MOSCOW BANK: Moody's Affirms Bank Financial Strength Rating at E+
PAPER INTERNATIONAL: Section 341(a) Meeting Set for December 16
PIK GROUP: Wins US$1 Billion Housing Contracts from Moscow Gov't.
REFLEKTOR OJSC: Creditors Must File Claims by December 3
RUS-PAK LLC: Creditors Must File Claims by December 3

STANKO-ENERGO-MASH: Creditors Must File Claims by December 3
STRIP MINE: Creditors Must File Claims by December 10
STROY-INKOM LLC: Moscow Bankruptcy Hearing Set December 11
TSENTRO-STROY-STAL-MONTAZH: Creditors Must File Claims by Dec. 3
URAL BANK: S&P Shifts Outlook Neg.; Affirms Counterpary Ratings


S W E D E N

DIGITAL VISION: Reorganization Application Gets Court Okay


S W I T Z E R L A N D

BLUMEN BINZ: Creditors Must File Proofs of Claim by Dec. 16
FSZ LLC: Deadline to File Proofs of Claim Set Dec. 31
GENERAL MOTORS: Unable to Secure Financing for Chrysler Merger
MEDIAMOUNTAIN PROPERTY: Nov. 2 Set as Deadline to File Claims
ORICO JSC: Proofs of Claim Filing Deadline is Dec. 31

P78 JSC: Creditors' Proofs of Claim Due by Dec. 31
PFERDESPORT DURRER: Dec. 31 Set as Deadline to File Claims
TEKSTIL BANKASI: Fitch Affirms Individual Rating at 'D'


U K R A I N E

AUTOMISSION LLC: Creditors Must File Claims by October 25
BAKHARTI LLC: Creditors Must File Claims by October 25
BANK OF GEORGIA: Confirms Funding Discussions with IFC and Lenders
FELLER AND COMPANY: Creditors Must File Claims by October 25
FERUM PROFI: Creditors Must File Claims by October 25

GEMISTRI LLC: Creditors Must File Claims by October 25
MAGNETIC MEDIA: Creditors Must File Claims by Oct. 24
MOTORCAR ENTERPRISE 12355: Creditors Must File Claims by Oct. 25
PROMINVESTBANK: Prime Minister Backs Nationalization Plan
SOUTH-COUNTRY LLC: Creditors Must File Claims by October 25

TRANSPOLYMER-TRADE: Creditors Must File Claims by October 25
UKRAINIAN AGRICULTURAL: Creditors Must File Claims by October 25
ZAPORIZHSTAL OJSC: Moody's Junks CFR to Caa1 from B3

* Moody's Downgrades 12 Ukrainian Banks' Deposit Ratings
* UKRAINE: Fitch Downgrades Issuer Default Ratings on Ten Banks
* UKRAINE: Global Liquidity Crunch Cues Moody's to Change Outlook


U N I T E D   K I N G D O M

AEDES UK: Joint Liquidators Take Over Operations
AMERICAN INT'L: To Stop Seeking for Changes in Mortgage Law
AVIVA PLC: Under FSA Scrutiny Due to Solvency Pressures
BARCLAYS PLC: Denies French Company's Fraud Allegations
BAUGUR GROUP: House of Fraser Ready to Buy Stake

C.L.E.A.R. PLC: S&P Lowers Credit Ratings on Nine CDO Bonds to 'D'
COMPLETELY COMMON: Taps PwC as Joint Administrators
CONSOLIDATED VENDING: Appoints Joint Administrators from Tenon
COULL LTD: Brings in Joint Administrators from Mazars
INTEC MANAGEMENT: Calls in Joint Administrators from BDO Stoy

JEAN BARTLETT: Appoints Joint Administrators from PwC
KIDDIES RIDES: Brings in Joint Administrators from Tenon
META-MORPHOSE LTD: HSBC Taps Deloitte & Touche as Receivers
R & M FARHI: Enters Into Administration
MFI RETAIL: May Cut 1,000 Jobs as Administrators Seek Buyers

REFCO INC: Files Quarterly Report for Period Ended September 30
R.Y. AMES: Brings in Joint Administrators from Mazars
SNAP DIGITAL: Calls in Joint Administrators from Tenon Recovery
STOWDEN PROPERTIES: Bank of Scotland Appoints Pwc as Receivers

* Fitch Chips Ratings on Three Mortgage Insurance Companies


                         *********


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A U S T R I A
=============


BB BADBAU: Claims Registration Period Ends November 4
-----------------------------------------------------
Creditors owed money by LLC BB BadBau (FN 308322s) have until
Nov. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Elisabeth Achatz-Kandut
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/656969
         Fax: 0732/65696960
         E-mail: e.achatz@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Land Court of Linz
         Hall 522
         5th Floor
         Linz
         Austria

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on Sept. 17, 2008, (Bankr. Case No. 17 S 38/08z).


SAF TECH: Claims Registration Period Ends November 4
----------------------------------------------------
Creditors owed money by LLC Saf Tech (FN 291625k) have until
Nov. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Martin Honemann
         Olzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: martin.honemann@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Nov. 18, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19, 2008, (Bankr. Case No. 6 S 114/08v).   Dr. Stefan
Langer represents Mag. Honemann in the bankruptcy proceedings.


SINED LLC: Claims Registration Period Ends November 4
-----------------------------------------------------
Creditors owed money by LLC Sined (FN 306090h) have until Nov. 4,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Herbert Hochegger
         Brucknerstrasse 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: office@hoch.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Nov. 18, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19, 2008, (Bankr. Case No. 6 S 115/08s).


T E A M 3 LLC: Claims Registration Period Ends November 4
---------------------------------------------------------
Creditors owed money by LLC T E A M 3 (FN 299355d) have until
Nov. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Martin Brandstetter
         Bahnhofstrasse 2 (Hofmann Center)
         3300 Amstetten
         Tel: 07472/611 22
         Fax: 07472/61122/4
         E-mail: office@ra-brandstetter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Nov. 25, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

Headquartered in Amstetten, Austria, the Debtor declared
bankruptcy on Sept. 25, 2008, (Bankr. Case No. 14 S 145/08a).


WIENER SILBERSCHMIEDE: Claims Registration Period Ends Nov. 4
-------------------------------------------------------------
Creditors owed money by LLC Wiener Silberschmiede Werkstatte,
Berghaus-Foelster (FN 257083p) have until Nov. 4, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dipl.Ing.Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 55
         E-mail: Vienna@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 17, 2008, (Bankr. Case No. 28 S 119/08s).


===========
F R A N C E
===========


ELECTRICITE DE FRANCE: Fitch Confirms 'BB' Rating on Cl. C Notes
----------------------------------------------------------------
Fitch Ratings has confirmed the RMBS notes backed by Electricite
de France and Gaz de France employee loans, following the
separation of EDF and GDF distribution activities.

FCC Electra 1:
  -- Class A3 (ISIN FR0000504219): confirmed at 'AAA'; Outlook
     Stable

  -- Class A4 (ISIN FR0000504227): confirmed at 'AAA'; Outlook
     Stable

FCC Loggias 2001-1:
  -- Class A (ISIN FR0000488462): confirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0000488470): confirmed at 'A'; Outlook Stable

FCC Loggias 2003-1:
  -- Class A (ISIN FR0010029231): confirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0010029256): confirmed at 'A'; Outlook Stable

FCC Minotaure Compartment 2004-1:
  -- Class A (ISIN FR0010302687): confirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0010302794): confirmed at 'A'; Outlook Stable

  -- Class C (ISIN FR0010302802): confirmed at 'BB'; Outlook
     Stable

Each transaction's documentation was amended on 8 October 2008 in
light of the French Law no 2006-1537 of 7 December 2006 to reflect
the creation of new entities regarding EDF and GDF distribution
activities.  These modifications do not have any impact on the
ongoing servicing of the loans, nor on the civil servant status of
the borrowers.

The notes issued in Electra 1, FCC Minotaure Compartment 2004-1,
Loggias 2001-1 and Loggias 2003-1 are backed by mortgage loans
granted to the employees of EDF and GDF.  All borrowers are
permanent EDF and GDF staff members.  Loan installments are
deducted from the salaries of employees and carry a risk of
fallback in payments due to death, temporary or permanent
disability of borrower, as well as over-indebtedness and/or change
in family status.


FAGORBRANDT: EU Approves France's EUR31 Mln Restructuring Aid
-------------------------------------------------------------
The European Commission has, under the EC Treaty's rules on state
aid, cleared restructuring aid of EUR31 million which France
intends to grant to household appliances producer FagorBrandt.
Following an in-depth investigation, launched in October 2007, the
Commission found that the restructuring plan presented by the
French authorities was capable of restoring the company's long-
term viability and that the aid was limited to the minimum
necessary to implement the restructuring.  The approval is subject
to conditions in order to avoid undue distortions of competition.
France must recover illegal aid received by FagorBrandt in 2002
before granting the restructuring aid just endorsed.  Under these
conditions, the Commission considered the aid to be compatible
with the EU guidelines on state aid for rescuing and restructuring
firms in difficulty.

"I am happy that we managed to find a positive solution for
FagorBrandt which should allow the company to become viable in the
long term, without excessive adverse effects on competition in
Europe," Competition Commissioner Neelie Kroes said.

In 2007 the Group had a turnover of around EUR900 million and a
workforce close to 4000, most of which were located in France.  In
2004, it started to register losses that increased in the
following years.  In October 2007, the Commission opened an in-
depth investigation to assess whether the EUR31 million aid
notified by France to support the restructuring of the firm was
capable of restoring the long-term viability of the company, while
remaining proportionate and necessary.

The Commission's investigation found that the restructuring plan,
focusing on high added value products and including the sale of
certain activities, plant closures, a workforce reduction and
development of the sourcing policy would be liable to restore the
long-term viability of FagorBrandt.

The Commission also concluded that the aid is limited to the
minimum necessary to allow the implementation of the restructuring
because a significant part of the restructuring costs are financed
by the beneficiary through capital injections from shareholders
and bank loans.  The Commission also concluded that the aid would
not provide the firm with surplus liquidity which could be used
for market distorting activities, as FagorBrandt will still have a
significant level of debt at the end of the restructuring period.

In order to limit the negative consequences of the aid on
competition and competitors, FagorBrandt sold one of its
subsidiaries and will reduce its market presence on the French
market.

Finally, in 2002, the company benefited from a French state aid
scheme to the tune of EUR22.5 million.  In December 2003, the
Commission decided that this scheme constituted unlawful and
incompatible aid, which had to be reimbursed.  As of today,
FagorBrandt has not yet paid back the EUR22.5 million.  Therefore
the Commission, in line with its normal practice and the
jurisprudence of the European Courts, has decided that France can
pay the notified restructuring aid only after this unlawful aid
has been recovered with interest.

Headquartered in France, FagorBrandt --
http://www.fagorbrandt.com/-- produces large household
appliances, including washing machines, fridges, and cookers.


THOMSON SA: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investor's Service affirmed the B1 Corporate Family Rating
for Thomson S.A. and the Caa1 junior subordinated rating for
Thomson's perpetual junior subordinated bonds.  The outlook has
been changed to negative from stable.

The rating action was prompted by the company's announcement that
Q3 sales were down by 7.9% at constant currency (13.2% in real
terms) when compared to Q3 2007.  This is below Thomson's previous
guidance which forecast constant currency revenue decline to the
-4.3% level experienced in the second quarter 2008.  Moody's
believes that covenant headroom may further tighten somewhat
albeit the highly profitable Technology Division with its quite
stable licensing income reported a 7.9% increase in revenues
(EUR8 million in absolute terms) which may not be sufficient to
fully balance the negative impact of the revenue decline in the
other businesses on the company's operating performance.

Oliver Giani, Senior Analyst at Moody's said: "Under its new CEO
the company has initiated a number of immediate actions in order
to improve cash generation and reduce debt.  This should help
turning around the still continuing negative trend in Thomson's
operating performance.  However this might require time to execute
and in the meantime the risk of tightening covenant headroom
increasingly limits the company's flexibility to react and the
current difficult market environment might not be helpful when
considering for instance the disposal of certain activities."

Thomson is now entering the most critical quarter of the year.
Given the highly seasonal pattern of its business, the performance
in the last quarter largely determines the company's performance
for the full year.  The cost reductions initiated earlier should
support stabilizing operating profitability and cash flow
generation.  However, the announcement of expanding cost reduction
programs across the group is expected to result in additional
restructuring costs and the current weakness of the stock markets
might require an additional impairment of Thomson's stake in
Videocon Industries, India, at year-end (valued at EUR90 million
at June 30, 2008).

Should Thomson be unable to (i) stabilize its operating
performance at a level of operating margins above 2.5%, (ii) turn
around the situation at Broadcast & Networks, (iii) keep leverage
below 6 times debt/EBITDA (pre restructuring charges) or (iv) keep
interest cover comfortably above 3 times in 2008, a further
downgrade might be considered.

Outlook Actions:

Issuer: Thomson S.A.

   -- Outlook, Changed To Negative From Stable

The last rating action for Thomson has been on July 31, 2008, when
Moody's downgraded the ratings to B1/Caa1.

Headquartered in Paris, France, Thomson is a leading provider of
technology, systems and service solutions for integrated media and
entertainment companies operating in three business segments:
Thomson's Services division offers end-to-end management of
services for the media and entertainment industry, from finishing
movie content (post-production) to content replication of film and
DVD and distribution.  The Systems division provides professional
broadcasting and network equipment for TV stations and other
network operators as well as broadband access products.  The
Technology division combines Thomson's research and exploitation
of its patent portfolio through licensing programs.  In fiscal
year 2007 the company generated revenues from continuing
operations of EUR5.6 billion.


=============
G E R M A N Y
=============


AV - SALES VERWALTUNGS: Claims Registration Period Ends Oct. 27
---------------------------------------------------------------
Creditors of AV - Sales Verwaltungsgesellschaft mbH have until
Oct. 27, 2008, to register their claims with court-appointed
insolvency manager Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: 040/899560
         Fax: 040/8995641

The District Court of Tostedt opened bankruptcy proceedings
against AV - Sales Verwaltungsgesellschaft mbH on Sept. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AV - Sales Verwaltungsgesellschaft mbH
         Attn: Kent F. Schwirz, Manager
         Luisenweg 11 E
         21244 Buchholz
         Germany


B & Z TIEF: Claims Registration Period Ends October 29
------------------------------------------------------
Creditors of B & Z Tief- und Strassenbau GmbH have until
Oct. 29, 2008, to register their claims with court-appointed
insolvency manager Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Nov. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 11
         Bahnhofstr. 24
         67655 Kaiserslautern
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy proceedings
against B & Z Tief- und Strassenbau GmbH on
Sept. 9, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         B & Z Tief- und Strassenbau GmbH
         Attn: Thomas Bernhart, Manager
         Kirchstr. 21
         67691 Hochspeyer
         Germany


BALTIC EVENT-GASTRONOMIE: Claims Registration Ends Oct. 29
----------------------------------------------------------
Creditors of Baltic Event-Gastronomie & Marketing Gesellschaft mbH
have until Oct. 29, 2008, to register their claims with court-
appointed insolvency manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Baltic Event-Gastronomie & Marketing Gesellschaft mbH on
Sept. 8, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Baltic Event-Gastronomie &
         Marketing Gesellschaft mbH
         Attn: Remo Herbst, Manager
         Kistenmacherstr. 17/18
         18055 Rostock
         Germany


BAYERNLB BANK: To Seek EUR5.4 Bln Aid Under Federal Bailout Plan
----------------------------------------------------------------
BayernLB bank of Germany would seek up to EUR5.4 billion in aid
from the federal government after lawmakers approved Friday a
financial sector rescue plan, worth up to EUR500 billion, or
US$675 billion, the Associated Press reports.

The German rescue plan, the report discloses, provides for up to
EUR400 billion in lending guarantees for banks, plus as much as
EUR80 billion to recapitalize banks and, if necessary, buy up
risky assets.  According to the report, an additional EUR20
billion is intended to back up the guarantees.

Erwin Huber, the Bavarian state finance minister and head of
BayernLB's administrative board, said in a news conference the
bank "will apply for stabilization measures" under the federal
bailout plan "above all a strengthening of its capital to the tune
of EUR5.4 billion," the report relates.

Mr. Huber added BayernLB's owners -- the Bavarian state government
and municipally-backed local banks -- would inject another EUR1
billion.  He said the bank might also consider combining a credit
guarantee with a smaller federal government injection, the report
states.

BayernLB, the report notes, indicated it would comply with the
conditions set for banks that accept help from the federal fund,
saying its administrative and managing boards would discuss future
pay.  The bank pointed out restructuring measures would be
required to save a total of EUR400 million over the next three
years.

Meanwhile, Michael Kemmer, BayernLB's chief executive, expects the
bank, which has faced hefty writedowns as a result of the subprime
lending and credit crisis, to post a loss of EUR3 billion for the
full year following a first-half pretax loss of EUR630 million,
the report adds.

Headquartered in Munich, Germany, Bayerische Landesbank --
http://www.bayernlb.de-- acts as the principal bank to the state
of Bavaria and as the central clearing house for the 75 Bavarian
sparkassen (savings banks).  Also serving corporations, national
and local governments, financial institutions, and real estate
firms, the bank offers a variety of services, including financing,
security underwriting and trading, and risk management.  It
provides retail and private banking services for individuals
through its Internet bank, Deutsche Kreditbank, and through
banking subsidiaries in central and southeastern Europe.
BayernLB's Landesbank Saar subsidiary (75% owned) provides
financing to small and midsized businesses in the German state of
Saarland and in France.


BIEBERTALER STANZ: Claims Registration Period Ends Oct. 27
----------------------------------------------------------
Creditors of b. s. u. biebertaler stanz- und umformtechnik GmbH
(formerly Hock Biebertal GmbH) have until Oct. 27, 2008, to
register their claims with court-appointed insolvency manager Dirk
Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 406
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dirk Pfeil
         Eschersheimer Landstr. 60-62, D
         60322 Frankfurt
         Germany
         Tel: 069/153096-0
         Fax: 069/15309666

The District Court of Giessen opened bankruptcy proceedings
against b. s. u. biebertaler stanz- und umformtechnik GmbH on Oct.
1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         b. s. u. biebertaler stanz- und umformtechnik GmbH
         Hainaer Weg 26
         35444 Biebertal
         Germany

         Attn: Peter Rauschenberger, Manager
         Dreifelderstrasse 25
         70599 Stuttgart-Plieningen
         Germany


COSTEC GMBH: Claims Registration Period Ends Oct. 29
----------------------------------------------------
Creditors of CoStec GmbH i. L. have until Oct. 29, 2008, to
register their claims with court-appointed insolvency manager
Rembert Kuebel-Heising.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Am Ochsenmarkt 3
         21335 Lueneburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rembert Kuebel-Heising
         Winsener Strasse 14
         21376 Salzhausen
         Germany
         Tel: 04172 / 90 90 0
         Fax: 04172 / 90 90 11

The District Court of Lueneburg opened bankruptcy proceedings
against CoStec GmbH i. L. on Sept. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CoStec GmbH
         Elbuferstr. 227a
         21436 Marschacht
         Germany

         Attn: Bernd Scharnweber, Manager
         Wennerweg 43
         21436 Marschacht
         Germany


CHRYSLER LLC: Prefers GM Over Nissan-Renault, WSJ Report Says
-------------------------------------------------------------
John D. Stoll at The Wall Street Journal reports that people
familiar with the matter said that Chrysler LLC may join a
manufacturing and development alliance between Nissan Motor Co.
and Renault SA, but still prefers a merger deal with General
Motors Corp.

WSJ relates that a merger between Chrysler and GM would reduce the
exposure of Cerberus Capital Management LP -- Chrysler's owner --
to the volatile global auto industry.  While GM is yet unable to
secure financing for the deal, Cerberus Capital is continuing to
explore Chrysler's possible team up with Nissan.

According to WSJ, the sources said that Cerberus Capital is
considering selling a minority stake to Nissan and Renault.
Nissan has taken the lead in negotiations with Cerberus and
Chrysler, the report says, citing the sources.

WSJ states that in an alliance with Nissan and Renault, Chrysler
would have a better chance of keeping much of its operations, than
in a merger with GM.  Chrysler, says the report, has overlapping
brands and North American manufacturing plants with GM.  According
to WSJ, Nissan and Renault have strong balance sheets, and a
Nissan-Renault-Chrysler alliance would have little overlap on the
companies' operations, with Chrysler strong in trucks and
minivans, and Nissan in small cars.

Citing sources, WSJ reports that Nissan executives believe
Chrysler could have considerable cost savings in purchasing, new-
vehicle development, and production, by teaming up with Nissan and
Renault.

Nissan and Renault's CEO Carlos Ghosn has been interested in
adding a North American partner to the alliance, but said that his
companies aren't interested in mergers or acquisitions, WSJ says.

Mr. Ghosn and GM's CEO Rick Wagoner negotiated an alliance of
their companies in 2006, but Mr. Wagoner backed out, saying that
the deal was unnecessary and a bad deal for shareholders.  Mr.
Wagoner was pressured into the talks by GM shareholder and
billionaire investor Kirk Kerkorian.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


CHRYSLER LLC: GM Unable to Secure Financing for Merger
------------------------------------------------------
General Motors Corp. is still unable to secure the financing
necessary for its acquisition of Chrysler LLC, John D. Stoll and
Jeffrey McCracken at The Wall Street Journal report, citing people
familiar with the matter.

Citing people familiar with the talks, WSJ relates that outside
money is needed to fund the cost-cutting -- especially buyouts and
severance packages for tens of thousands of hourly and salaried
employees, which could total as much as 40,000 jobs if a deal
between GM and Chrysler succeeds.  WSJ says that GM is already
using up more than US$1 billion in cash a month.

According to WSJ, GM considers the merger as a better way to
ensure the continued funding of hundreds of thousands of the
United Auto Workers union retiree pensions and health-care
benefits.  The report states that the new company would produce
above US$250 billion in yearly revenue, while owning more than 30%
of the U.S. market, and have an estimated US$30 billion in cash,
thus improving the firm's credit rating and lessening the
possibility of a bankruptcy filing by GM or Chrysler.

WSJ relates that several of the potential lenders are still
unconvinced.  According to the report, credit markets are
extremely tight, and a number of lenders are fearful of the
complexity and scale of a merger between two industrial giants
during an economic crisis.  The report says that supporters of the
deal could go to the U.S. government, arguing that a merger is
vital to the survival of the domestic auto industry.

GM, Cerberus, and the banks could sell a stake in the new company
to the federal government, according to WSJ.  WSJ quoted a source
as saying, "It is still early days, but to make people feel more
comfortable or to get investors to buy in, you have to think a
government role would be important.  That role could take a lot of
forms, but it would be very important.  The government may need to
make it happen."

GM and Cerberus will still decide on how the transaction would be
structured, WSJ states, citing two people involved in the talks.

                 Merger Not Good for Michigan

Matthew Dolan at WSJ relates that a GM-Chrysler merger would land
a heavy economic blow on Michigan, which is already battered by
home foreclosures and the loss of tens of thousands of auto-
industry jobs over the last few years.  The report states that
since 2005, GM, Chrysler, and Ford Motor Co. have cut more than
100,000 jobs across the U.S., making the Detroit area one of the
highest foreclosure rates in the country, and making the economy
so dire that the U.S. State Department cut back on the placement
of Iraqi refugees in Michigan.

According to WSJ, Michigan's unemployment rate in August was 8.9%,
the highest in the U.S.  Economists suspect it could further
increase in 2009, even without a GM-Chrysler deal, the report
says.  Michigan, according to the report, had 13,605 foreclosure
filings in September, fourth highest in the U.S.

WSJ reports that analysts expect GM job cuts and closures at
several Chrysler facilities in Michigan that could be replaced by
GM operations.

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


EPICEPT CORPORATION: Hercules Converts Secured Loan to Shares
-------------------------------------------------------------
EpiCept Corporation disclosed in a Securities and Exchange
Commission filing that on Oct. 9, 2008, Hercules Technology Growth
Capital, Inc., converted a total of US$250,000 in principal amount
of the Company's senior secured loan into 485,437 shares of the
Company's common stock.  Hercules has converted US$500,000 in
principal amount of the Company's senior secured loan into 970,874
shares of the Company's common stock.

On June 23, 2008, the company amended certain terms in its senior
secured loan agreement with Hercules to provide Hercules with the
right, between July 23, 2008 and December 23, 2008, to convert up
to US$1.9 million of the outstanding senior secured loan into
shares of the Company's common stock at a conversion price of
US$0.515 per share.

                  About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

                     Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.

The company disclosed in its Form 10-Q for the second quarter
ended June 30, 2008, a net loss of US$7,765,000.  EpiCept Corp.'s
consolidated balance sheet at June 30, 2008, showed total assets
of US$3,093,000, total liabilities of US$22,598,000, and a
stockholders' deficit of US$19,505,000, compared to a deficit of
US$14,177,000 at Dec. 31, 2007.  The company said it expects to
incur substantial net losses, in the aggregate and on a per share
basis, for the foreseeable future as it attempts to market and
sell Ceplene(R).  "We are unable to predict the extent of these
future net losses, or when we may attain profitability, if at all.
These net losses, among other things, have had and will continue
to have an adverse effect on our stockholders' equity. We
anticipate that for the foreseeable future our ability to generate
revenues and achieve profitability will be dependent on the
successful commercialization of Ceplene(R).  There is no assurance
that we will be able to obtain or maintain governmental regulatory
approvals to market Ceplene(R) in Europe.  If we are unable to
generate significant revenue from Ceplene(R), or attain
profitability, we may not be able to sustain our operations."


HOELTZCHEN BRAUEREI: Claims Registration Period Ends Oct. 29
------------------------------------------------------------
Creditors of Hoeltzchen Brauerei Cottbus GmbH have until
Oct. 29, 2008, to register their claims with court-appointed
insolvency manager Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         platz 2
         Cottbus
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Hoeltzchen Brauerei Cottbus GmbH on Sept. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hoeltzchen Brauerei Cottbus GmbH
         Attn: Udo Holtz, Manager
         Poststrasse 97
         23669 Timmendorfer Strand
         Germany


HOLGER UHLIG: Claims Registration Period Ends October 27
--------------------------------------------------------
Creditors of Holger Uhlig GmbH have until Oct. 27, 2008, to
register their claims with court-appointed insolvency manager
Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Fax: 0341/7025244
         E-mai: Sozietaet@Voigt-Scheid.de

The District Court of Leipzig opened bankruptcy proceedings
against Holger Uhlig GmbH on Sept. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holger Uhlig GmbH
         Calbitzer Str. 7 a
         04779 Wermsdorf
         Germany


VISTEON CORP: Weak Sales Prompt S&P to Lower Corp. Credit to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Visteon Corp. to 'B-' from 'B'.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.  The
outlook is negative.

"The downgrades reflect our view that weak auto sales in North
America and Europe for the remainder of 2008 and potentially all
of 2009 will cut Visteon's currently substantial cash balances,
perhaps significantly," said Standard & Poor's credit analyst
Robert Schulz.  "Consequently, the company's ability to reach
profitability while sharply reducing its cash use will be more
difficult than we previously expected," he continued.

The ratings reflect the company's negative cash flow resulting
from vehicle production cuts, continued pressure from high raw
material prices, and a costly and wide-ranging operational
restructuring.  The company's near-term liquidity appears adequate
and consists of cash balances and some availability under various
financing agreements.

Visteon has a highly leveraged financial profile, stemming from
its heavy debt and a number of loss-making operations, which the
company is shedding.  Even at the current rating, S&P still
expects various restructuring actions to improve Visteon's
performance and eventually strengthen its earnings and cash flow,
but this progress will be slowed by lower sales.

S&P does not expect the company to become profitable until late
2009 at best.  In the meantime, the company will continue to use
substantial cash from operations, including funding restructuring.

Visteon's dependence in North America on Ford Motor Co. (about 12%
of sales in the first half of 2008) has been greatly reduced in
recent years, but Ford remains an important Visteon customer in
the rest of the world, where production is also coming under
pressure.  Ford has forecast its fourth-quarter 2008 North
American production to be down 27% from 2007 levels, following an
expected 34% year-over-year reduction in third-quarter production.

Visteon has completed 28 of the 30 announced restructuring
actions, which include improving some plants and closing or
selling others.  The company is restructuring its operations in
interior, climate control, electronics, and other auto components.
A Ford-funded escrow account is partly paying for the
restructuring actions, and Ford recently contributed another
US$50 million.  These efforts should allow Visteon to improve
profitability, but with industry conditions deteriorating,
progress could be slowed. Even after the 2005 transfer of certain
operations to Ford, a number of the company's businesses are still
underperforming, and some of its remaining plants are generating
losses.

Visteon's financial position could improve beyond 2008 as the
restructuring actions enhance profitability and cash flow, but
difficult business conditions will result in little debt reduction
beyond a recent tender offer.  Still, Visteon's existing cash
balances, including the remaining escrow from Ford, leave it with
some time to make much-needed progress on its restructuring plan.
Even if the company uses slightly more cash in 2008 than it plans
to, S&P currently expects it to move through at least the early
quarters of 2009 with adequate liquidity.  S&P would revisit this
assumption and its rating if the company's cash use in 2008 or
early 2009 fails to meet this expectation.

The outlook on Visteon is negative.  It will not be easy for the
company to further restructure poorly performing operations while
diversifying its customer base in the very difficult environment
in North America and, increasingly, Europe.  S&P could lower the
rating in the next year if industry challenges, restructuring
delays, or reduced customer demand in North America and Europe
appear poised to cause Visteon's global cash balances to drop
below US$900 million.

S&P could also lower the ratings if any of these factors cause
availability under the asset-based revolving credit facility to
fall below US$100 million, or if cash balances in the company's
U.S. or European operations fail to remain substantial.  These
measures could be triggered if Visteon fails to make consistent
progress toward generating pretax profits and positive free cash
flow.   Toward late 2009, S&P could revise the outlook to stable
if the company staunches its cash outflows and achieves stronger
performance and credit measures because of successful
restructuring and customer diversification efforts.


WIEGAND WELLNESS: Creditors Meeting Slated for Oct. 29
------------------------------------------------------
The court-appointed insolvency manager for Wiegand Wellness Club
GmbH, Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 10:30
a.m. on Oct. 29, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Feb. 25, 2008, at the same
venue.

Creditors have until Nov. 29, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Wiegand Wellness Club GmbH on Sept. 5, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wiegand Wellness Club GmbH
         Corneliusstr. 3
         10787 Berlin
         Germany


=============
I C E L A N D
=============


STODIR HF: Seeks Three-Month Extension on Creditor Protection
-------------------------------------------------------------
Stodir hf has sought for a three-month extension of its court
protection from creditors, Helga Kristin Einarsdottir writes for
Bloomberg News, citing Vidskiptabladid.

As reported in the TCR-Europe, the District Court of Reykjavik, on
Sept. 29, granted Stodir authorization for moratorium process
until Oct. 20.  Jakob R. Moeller hrl., Logos logmannsþjonustu, was
appointed administrator of the company, which holds a 32% stake in
Glitnir.

In a press release dated Oct. 1, Stodir said the process enables
the company to facilitate a financial and operational
restructuring in co-operation with its creditors in order to
protect the interests of shareholders and value of its assets.

Stodir disclosed the process was initiated following the
intervention of the Icelandic Central Bank and the Icelandic
Government into the shareholding of Glitnir.  As the largest
shareholder in Glitnir, it was directly affected by the dramatic
fall in the value of Glitnir's stock and was therefore forced to
file for a moratorium process.

The Icelandic state, on Sept. 29, announced it would pay
EUR600 million (US$859 million) in return for a 75% stake in
Glitnir, cutting the value of existing shareholders' stakes by
88%, the TCR-Europe report noted.

Headquartered in Reykjavik, Iceland, Stodir hf. (formerly FL Group
hf.)  -- http://www.flgroup.is/-- is a holding company with core
focus on investments in financial, insurance, property and retail.


=============
I R E L A N D
=============


MAGNOLIA FINANCE: Fitch Junks Ratings on Three Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded Magnolia Finance VI Plc Series 2007-
10, 2007-11, 2007-12 notes as listed below.  The transactions are
commodities-linked credit obligations referencing 17 diverse
commodities through a portfolio of 100 long and 100 short trigger
swaps with a three-year tenor.

  -- EUR70 million Series 2007-10 A1.a notes due June 2010
     downgraded to 'CCC' from 'BBB-'

  -- US$35 million Series 2007-11 A1.a notes due June 2010
     downgraded to 'CCC' from 'BBB-'

  -- CHF15 million Series 2007-12 A1.a notes due June 2010
     downgraded to 'CCC' from 'BBB-'

The downgrades follow negative price movements in some reference
commodities since the closing of the transaction.  In particular,
several base metals have seen their prices decline.  First, the
price of nickel has fallen to approximately 28% of its closing
level.  Nickel underlies 15 long trigger swaps with trigger levels
between 36% and 22% of the closing price.  The current price is
below nine of those triggers.  In addition, zinc and lead have
dropped in value to approximately 45% and 80%, respectively,
increasing the risk of breaching further long triggers on those
commodities.  With less than two years remaining maturity and
prices much nearer to the trigger levels across many reference
commodities, the original protection against the 11 trigger
breaches is insufficient for the previous ratings.

At closing, the issuer entered into commodities-linked trigger
swaps with the swap counterparty, Credit Suisse International
(CSI, 'AA-'/Outlook Stable/'F1+'), based on the provisions of the
2005 ISDA commodity definitions.  Each trigger swap references a
specific percentage of the closing price level of a single
commodity as specified in the documentation.  The trigger swap
portfolio comprises (i) 100 European-style trigger swaps which the
issuer sold protection to CSI (the long portfolio) and (ii) 100
European-style trigger swaps which the issuer bought protection
from CSI.  Interest on the notes is derived from swap payments
made by CSI under the agreement of the portfolio commodities swap.

Investors are exposed to the risk of large negative price
movements on the reference commodities.  This risk has been
analyzed under the Fitch Rating Criteria for Commodities-Linked
Credit Obligations dated 25 September 2007.

The ratings address the payment of timely interest and ultimate
repayment of principal by final maturity, according to the
transaction documentation.


=========
I T A L Y
=========


PARMALAT SPA: Loses Case Against Citigroup; Must Pay US$364 Mln.
----------------------------------------------------------------
Chad Bray at The Wall Street Journal reports that the U.S.
District Court of New Jersey has rejected Parmalat SpA's claims
against Citigroup Inc., and ruled that Parmalat should pay
US$364 million in damages to Citigroup.

According to Dow Jones, Parmalat had filed a US$2.2 billion
lawsuit against Citigroup, alleging that the bank was involved in
a fraud that led to the collapse of Parmalat in 2003.  WSJ relates
that Parmalat collapsed after it was discovered executives had
looted the firm.

Citigroup, says Dow Jones, fought Parmalat's legal action with
claims that it had been a victim of the fraud in Parmalat.

Dow Jones relates that Parmalat and its CEO Enrico Bondi sought to
recover, through fraud lawsuits, billions of dollars in damages
from banks and auditors who did business with Parmalat before its
collapse.  According to the report, Mr. Bondi ignored signs of
involvement by former Parmalat executives in the fraud.

Parmalat said in a statement that it will appeal the court's
verdict, and a decision by Superior Court Judge Jonathan Harris in
April.  Dow JOnes quoted Parmalat as saying, "Parmalat continues
to believe that Citigroup played an important role in contributing
to the financial collapse of the Parmalat Group in December 2003,
and it will continue to pursue all legal remedies at its disposal
to hold Citigroup accountable for its role, including through
ongoing Italian criminal proceedings."

According to Dow Jones, Parmalat said that the US$364 million
payment it has to make to Citigroup must be presented to a
bankruptcy court in Parma, Italy, for review.  If the decision is
upheld, the amount would be paid out as shares in the now-relisted
Parmalat if the decision stands, the report states, citing
Parmalat.  A Parmalat spokesperson said that the company would pay
out about 18.8 million shares, Dow Jones states.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On Jan.
20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


===================
K A Z A K H S T A N
===================


ATEC TELECOM: Creditors Must File Claims by November 28
-------------------------------------------------------
LLP Atec Telecom has gone into liquidation.  Creditors have until
Nov. 28, 2008, to submit written proofs of claims to:

         LLP Atec Telecom
         Tazabekov Str. 121
         Kyzyl Kairat
         Talgarsky District
         141600, Almaty
         Kazakhstan


ATYRAU TRANS: Claims Deadline Slated for November 28
----------------------------------------------------
LLP Atyrau Trans Gas has gone into liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Atyrau Trans Gas
         Auezov Str. 78b
         Atyrau
         Kazakhstan


EUROASIA BANK: Claims Filing Period Ends November 28
----------------------------------------------------
Branch 17 of JSC Euroasia Bank has gone into liquidation.
Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         Branch 17 of JSC Euroasia Bank
         Rozybakiev Str. 103a
         Almaty
         Kazakhstan


KAZ TAT: Creditors' Claims Due on November 28
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kaz Tat Munai insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


LINKOR AKTAU: Claims Registration Ends November 28
--------------------------------------------------
LLP Linkor Aktau Ltd. has gone into liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Linkor Aktau Ltd.
         Micro District 12, 60-86
         Aktau
         Mangistau
         Kazakhstan


NNS-K LLP: Creditors Must File Claims by November 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP NNS-K insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


OLAND LLP: Claims Deadline Slated for November 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Oland insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


RICH FURNITURE: Claims Filing Period Ends November 28
-----------------------------------------------------
LLP Rich Furniture has gone into liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Rich Furniture
         Zelenaya Str. 7a-2
         Jetygen
         Ilyisky District
         Almaty
         Kazakhstan


SIVKA KAZAKHSTAN: Creditors' Claims Due on November 28
------------------------------------------------------
LLP Sivka Kazakhstan has gone into liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Sivka Kazakhstan
         Office 202
         Dostyk ave. 105
         Almaty
         Kazakhstan


TURKUAZ TOURISM: Claims Filing Period Ends November 28
------------------------------------------------------
LLP Turkuaz Tourism Network has gone into liquidation.  Creditors
have until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Turkuaz Tourism Network
         Raymbek ave. 160a
         Almaty
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


AIR KYRGYZ: Creditors Must File Claims by November 19
-----------------------------------------------------
LLC Air Kyrgyz Co has shut down.  Creditors have until
Nov. 19, 2008, to submit written proofs of claim to:

         LLC Air Kyrgyz Co
         Ibraimov Str. 115
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-78-10, (0-772) 41-44-11


STROY DOM: Claims Filing Period Ends November 19
------------------------------------------------
LLC Construction Company Stroy Dom has shut down.  Creditors have
until Nov. 19, 2008, to submit written proofs of claim to:

         LLC Construction Company Stroy Dom
         Kurmanjan Datka Str. 44
         Orke
         Japalak
         Osh
         Kyrgyzstan


===================
L U X E M B O U R G
===================


GOODYEAR TIRE: CFO Schmitz Resigns, Darren R. Wells Assumes Role
----------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed that W. Mark
Schmitz, executive vice president and chief financial officer,
has elected to leave the company to pursue other interests.
Darren R. Wells, previously senior vice president of finance and
strategy, has been named to replace Mr. Schmitz as CFO effective
immediately.

Mr. Schmitz, served the company as chief financial officer for
the past 14 months.  Mr. Wells, 42, was one of the key leaders
and architects of the company's financial restructuring since
joining the company from Visteon Corp. six years ago as
Goodyear's vice president and treasurer.  Mr. Wells was promoted
to senior vice president business development and treasurer in
May 2005, and to his most recent position in March 2007.

"The innovative plans to restructure our balance sheet executed
under [Mr. Wells'] leadership served as the foundation of the
company's rebirth as a stronger, more respected competitor in the
tire industry," Robert J. Keegan, chairman and chief executive
officer, said.  "As chief financial officer, [Mr. Wells] will
use his outstanding business and financial skills and strong
leadership capabilities to generate shareholder value."

A native of Indianapolis, Mr. Wells earned his bachelor of arts
degree from DePauw University in Greencastle, Indiana, and his
MBA in finance from Indiana University.  He held positions of
increasing importance in 10 years at Ford Motor Company,
including assignments in Australia for Ford Credit and Ford
Investment Enterprises. He returned to the U.S. in 2000 as
assistant treasurer of Visteon.

Mr. Schmitz was with Tyco International's Fire and Security
segment as vice president and chief financial officer for four
years prior to joining Goodyear.

"We appreciate [Mr. Schmitz'] contributions during a challenging
period in our industry and in the global economy, and wish him
well in the next phase of his career," Mr. Keegan said.

                         Liquidity Woes

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Goodyear Tire stated that it will draw US$600 million from its
existing U.S. revolving credit facility due to a temporary delay
in its ability to access US$360 million of cash currently invested
with The Reserve Primary Fund.  The funds will also be used to
support seasonal working capital needs and to enhance the
company's cash liquidity position.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt
rating to 'B+' from 'B-/RR6'.


=====================
N E T H E R L A N D S
=====================


METINVEST BV: Moody's Changes Outlook on Ratings to Negative
------------------------------------------------------------
Given recent fall in demand for semi finished steel products and
steel prices especially from the CIS Moody's Investors Service has
changed the outlook for Metinvest B.V.'s Ba3 corporate family
rating, as well as the outlook on Azovstal Capital B.V.'s B1
senior unsecured rating of the loan participation notes, to
negative from positive and the outlook on Metinvest's Aa1.ru
national scale rating to negative from stable.

In the last couple of weeks steel producers in the CIS have
reduced production volumes between 10 and 20% to cover for falling
demand and decelerate the recent fall in steel prices.  This might
lead to significantly lower cash flows generated by Metinvest and
its subsidiary Azovstal in the remainder of 2008 and 2009 than has
been anticipated at the time of the rating assignment of
Metinvest.

Matthias Hellstern, Vice President and Moody's lead analyst for
Metinvest added: "The negative outlook also incorporates the risks
related to the relatively weak funding profile of Metinvest, which
is somewhat dependent on continued positive cash flow generation
and the willingness of its banks to in parts extend maturing debt
in the next 12 months."

Moody's notes that Metinvest has a certain level of resiliency in
its operations and hence should have some flexibility to adjust to
the new environment.  As an illustration the company is already
planning to scale back significant capex projects to conserve cash
generated, and that also steel production has been reduced by
around 20% to reduce the current supply/demand imbalance on the
market for steel produced in the CIS.

Therefore given the company's integrated character, which should
cushion the company's performance somewhat from the current
downturn, Moody's will closely follow the availability of funding
to Metinvest to cover for cash outflows, such as capex, debt
maturities and changes in working capital over the short- to
medium term, as well as the flexibility which the company has in
terms of reduction of capital expenditure and planned dividend
payments.

Although Metinvest is still considered the strongest of the
Ukrainian steel producers, with access to own iron ore and -- to
some extent -- also coking coal reserves, which should keep the
cost base at a flat level, the significant changes within a very
short period of time for the CIS steel production makes Metinvest
more vulnerable than previously anticipated.

Outlook Actions:

Issuer: Azovstal Capital B.V.

   -- Outlook, Changed To Negative From Positive

Issuer: Metinvest B.V.

   -- Outlook, Changed To Negative From Positive(m)

Metinvest B.V., a company set up under Dutch law, but with major
operations in Donetsk/Ukraine is the largest steel and iron ore
producer of the Ukraine.  In 2007 the company generated revenues
of US$7.4 billion and operating profit of US$1.8 billion.
Metinvest is 75% owned by System Capital Management, an investment
holding company in the Ukraine. 25% (blocking stake) of
Metinvest's shares are owned by Smart Group based in the Ukraine.


===========
R U S S I A
===========


INSTRUMENT PLANT: Creditors Must File Claims by December 10
-----------------------------------------------------------
Creditors of LLC Instrument Plant (TIN 2209028019, PSRN
1042201826370) have until Dec. 10, 2008 to submit proofs of
claims to:

         M. Shelipova
         Insolvency Manager
         Post User Box 3077
         656015 Barnaul
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A03–3454/2008B.

The Debtor can be reached at:

         LLC Instrument Plant
         Krasnaya Str. 100
         658210 Rubtsovsk
         Russia


KHIM-PROM LLC: Creditors Must File Claims by December 10
--------------------------------------------------------
Creditors of LLC Khim-Prom (Chemical Industry) (TIN 3329040884)
have until Dec. 10, 2008, to submit proofs of claims to:

         A. Butenko
         Insolvency Manager
         Post User Box 27
         156013 Kostroma
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-2523/2008-?1-113B.

The Debtor can be reached at:

         LLC Khim-Prom
         Bolshaya Nizhegorodskaya Str. 81
         Vladimir
         Russia


KLIMATEKHNIKA LLC: Court Names O. Volkova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Samarskaya appointed O. Volkova as
Insolvency Manager for LLC KlimaTekhnika (Air Conditioner
Production).  He can be reached at:

         O. Volkova
         Vatutina Str. 10/119
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-55-2323/ 2008.

The Debtor can be reached at:

         LLC KlimaTekhnika
         Artsyubashevskaya Str.143a
         Samara
         Russia


KURSKAYA FOUNDRY: Creditors Must File Claims by December 3
----------------------------------------------------------
Creditors of LLC Kurskaya Foundry Company have until Dec. 3, 2008,
to submit proofs of claims to:

         N. Postnikov
         Insolvency Manager
         Building 1
         Moskovskaya Str. 155A
         302006 Orel
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A35–1829/2008 S-19 .

The Court is located at:

         The Arbitration Court of Kurskaya
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         LLC Kurskaya Foundry Company
         Engels Str. 115
         305007 Kursk
         Russia


OGK-5 JSC: Board Revamps Executive Board
----------------------------------------
The Board of Directors of JSC OGK-5 has made a decision to change
the composition of the Company's Executive Board.

The new composition of JSC OGK-5 Executive Board includes:

   -- Mr. Anatoliy Yakovlevich Kopsov
      General Director of JSC OGK-5;

   -- Mr. Aleksandr Aleksandrovich Negomedzyanov
      First Deputy General Director for Economy of JSC OGK-5;

   -- Mr. Evgeniy Vasilievich Chernyshev - First Deputy General
      Director - Chief Engineer of JSC OGK-5;

   -- Mr. Marcello Bruti - First Deputy General Director –
      Integration Project of JSC OGK-5;

   -- Mr. Luca Sutera - Deputy General Director –
      Finance Director of JSC OGK-5.

Mr. Sergey Evgenievich Uzornikov, Deputy Finance Director of JSC
OGK-5, and Ms. Anastasia Valerievna Titova, HR Director of JSC
OGK-5 were withdrawn from the composition of the Executive Board
by resolution of the Board of Directors.

The new composition of the Board is aimed at fully reflecting the
current priority of delivering on major investments.  The
background, qualifications and expertise of the new members allow
them to pursue the implementation of the investment plan as well
as a close monitoring of the progress achieved.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                            *   *   *

JSC OGK-5 continues to carry a Ba3 corporate family rating and a
Ba3 probability-of-default rating from Moody's Investors Service.


MOSCOW BANK: Moody's Affirms Bank Financial Strength Rating at E+
-----------------------------------------------------------------
Moody's Investors Service has placed the B1 long-term local and
foreign currency deposit ratings of Moscow Bank for Reconstruction
and Development, the bank's foreign currency debt rating of B1 and
its subordinate debt rating of B2 on review for possible
downgrade.  MBRD's bank financial strength rating (BFSR) of E+ was
affirmed with stable outlook; the bank's short-term local and
foreign currency deposit ratings of Not Prime were also affirmed.

This rating action follows Moody's recent decision to place the
Ba3 corporate family and senior unsecured ratings of JSFC Sistema
(Sistema) -- MBRD's major shareholder -- on review for possible
downgrade.

"MBRD's deposit ratings of B1 enjoy a one-notch uplift from the
bank's baseline credit assessment (BCA) of B2 reflecting Moody's
assessment of a moderate probability of parental support from JSFC
Sistema to the bank in case of need," says Olga Ulyanova, a
Moody's Assistant Vice-President/Analyst and lead analyst for
MBRD.  "MBRD is deeply involved in providing financial services to
Sistema companies, as evidenced by a large volume of related party
business on both the asset and liability sides of the bank's
balance sheet.  Moody's, therefore, see a high degree of
interdependence between the parent and the subsidiary and expect
that a potential downgrade of Sistema's corporate family rating is
likely to lead to a downgrade of MBRD's deposit ratings to the
bank's BCA level", Ms. Ulyanova adds.

Moody's previous rating action on MBRD was on January 24, 2008,
when the outlook on the bank's deposit and debt ratings was
changed to positive following the upgrade by Moody's of the
corporate family rating of Sistema to Ba3, positive outlook, from
B1.

Domiciled in Moscow, Russia, MBRD reported -- as at December 31,
2007 -- total IFRS assets of US$5.01 billion and total
shareholders' equity of US$301 million.  Net income for 2007
amounted to US$40 million.


PAPER INTERNATIONAL: Section 341(a) Meeting Set for December 16
---------------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
of Paper International Inc. and Fibers Management of Texas, Inc.,
on Dec. 16, 2008, at 2:00 p.m., in the Office of United States
Trustee at 80 Broad Street, 4th floor in New York.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com-- manufactures paper and
packaging products with operations in North America, Europe, Latin
America, Russia and North Africa.  The Debtors have more than
50,000 employees in in 20 countries.  The company and Fiber
Management of Texas, Inc. filed for Chapter 11 protection on
Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917).  Larren M.
Nashelsky, Esq., at Morrison & Foerster LLP, at represents the
Debtors.  The Debtor selected Meade Monger as their chief
restructuring officer.  The Debtors also selected AP Services, LLC
as their restructuring advisor.

Corporacion Durango, S.A.B. de C.V. of Durango, Mexico, owns
100% of the Debtors' interests as of October 6, 2008.  Corporacion
Durango filed a voluntary Chapter 15 petition in the United
States Bankruptcy Court for the District of New York, Case
No. 08-13911.

Paper International listed assets of  between US$100 million and
US$500 million, and debts between US$500 million to US$1 billion,
while Fiber Management listed assets between US$1 million to US$10
million, and debts between US$500 million and US$1 billion.


PIK GROUP: Wins US$1 Billion Housing Contracts from Moscow Gov't.
-----------------------------------------------------------------
PIK Group has won several contracts from the Government of the
Moscow City following a bidding process.

These provide for over US$1 billion of municipal funds to be
invested by the City of Moscow in housing construction projects.
Residential buildings in the following parts of Moscow Region will
be purchased at applicable retail prices between approximately
US$2.9 to US$3.4 thousand per square meter by Moscow authorities:
Novokurkino and Levyi Bereg in Khimki; Krasnaya Gorka in
Lyubertsy; Dolgoprudny and microdistrict 15 of Yaroslavsky
district in Mytischi.

Under the terms of the agreement, 30% of the buildings to be
purchased by the City have already been completed, with the rest
to be completed by the end of fourth quarter of 2008.

                   About OJSC PIK Group

OJSC PIK Group -- http://www.pik.ru/-- is a residential
nationwide developer in Russia, focusing on mass market
communities.  Its business activities are concentrated in Moscow
and the Moscow region with a footprint in many of Russia's other
regions.  Its principal activity is the development, construction
and sale of residential properties in large scale developments
targeted primarily at the middle income housing market in Russia.
The Company's core activities include development of residential
real estate projects and sales of completed units, including
service and maintenance of residential real estate developed by
the Company and by other developers; production and assembly of
concrete panel housing in Moscow and the Moscow region, and
production and sales of raw materials and construction materials.
As of January 1, 2008, 96% of the Company's property portfolio was
represented by residential areas and 40% of the portfolio's total
area consisted of properties in the course of development.

                          *     *     *

On Sept. 24, 2008, the TCR-Europe reported that Fitch Ratings has
placed OJSC PIK Group's Long-term Issuer Default rating of 'BB-'
and Short-term IDR of 'B' on Rating Watch Negative.


REFLEKTOR OJSC: Creditors Must File Claims by December 3
--------------------------------------------------------
Creditors of OJSC Reflektor have until Dec. 3, 2008, to submit
proofs of claims to:

         A. Ivanov
         Insolvency Manager
         Post User Box 23
         Central Post Office
         Saratov
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A-57–2891/07–8.

The Debtor can be reached at:

         OJSC Reflektor
         Prospekt 50 let Oktyabrya 101
         410033 Saratov
         Russia


RUS-PAK LLC: Creditors Must File Claims by December 3
-----------------------------------------------------
Creditors of LLC Rus-Pak (Corrugated Plan)(TIN 3123076823, PSRN
1033105500361) have until Dec. 3, 2008, to submit proofs of claims
to:

         Yu. Berestovoy
         Insolvency Manager
         Post User Box 118
         308000 Belgorod
         Russia

The Arbitration Court of Belgorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08–1502/08–14B .

The Court is located at:

         The Arbitration Court of Belgorodskaya
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Rus-Pak
         2nd Zavodskaya Str. 13
         Stroitel
         Belgorodskaya
         Russia


STANKO-ENERGO-MASH: Creditors Must File Claims by December 3
------------------------------------------------------------
Creditors of LLC Stanko-Energo-Mash have until Dec. 3, 2008, to
submit proofs of claims to:

         K. Savchenko
         Insolvency Manager
         Post User Box 35
         Shebekino
         309290 Belgorodskaya
         Russia

The Arbitration Court of Belgorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A08-420/08-14B .

The Court is located at:

         The Arbitration Court of Belgorodskaya
         Narodnyj Avenue 135
         308600 Belgorodskaya
         Russia

The Debtor can be reached at:

         LLC Stanko-Energo-Mash
         Pryadchenko Str. 146
         Stary Oskol
         Belgorodskaya
         Russia


STRIP MINE: Creditors Must File Claims by December 10
-----------------------------------------------------
Creditors of LLC Makarovskiy Coal Strip Mine have until Dec. 10,
2008 to submit proofs of claims to:

         L. Lazareva
         Insolvency Manager
         Post User Box 48
         693007 Yuzhno-Sakhalinsk 7
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A59–2614/08-S7.

The Debtor can be reached at:

         LLC Makarovskiy Coal Strip Mine
         Leningradskaya Str.9/2
         Makarov
         Russia


STROY-INKOM LLC: Moscow Bankruptcy Hearing Set December 11
----------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:00 a.m. on
Dec. 11, 2008, to hear bankruptcy supervision procedure on LLC
Stroy-Inkom.  The case is docketed under Case No. A40-26154/08-
103-73B.

The Temporary Insolvency Manager is:

         I. Ovchinnikov
         Post User Box 37
         Post Office 20
         302020 Orel
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Building 1
         Novaya Basmannaya Str.13/2
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Stroy-Inkom
         Belozerskaya Str. 17v
         127543 Moscow
         Russia


TSENTRO-STROY-STAL-MONTAZH: Creditors Must File Claims by Dec. 3
----------------------------------------------------------------
Creditors of LLC Tsentro-Stroy-Stal-Montazh  (Assembly of Metal
Construction Structures) (TIN 5247016122) have until Dec. 3, 2008,
to submit proofs of claims to:

         A. Shchegrov
         Insolvency Manager
         Apt. 3
         Nizhegorodskaya Str. 5
         603109 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-5128/2008 33-58 .

The Debtor can be reached at:

         LLC Tsentro-Stroy-Stal-Montazh
         Lunacharskogo Str. 11a
         Vyksa
         Nizhegorodskaya
         Russia


URAL BANK: S&P Shifts Outlook Neg.; Affirms Counterpary Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Russia-based Ural Bank for Reconstruction and Development (UBRD)
to negative from stable.  At the same time, the 'B-' long-term and
'C' short-term counterparty credit ratings were affirmed.  The
Russia national scale rating was lowered to 'ruBBB-' from 'ruBBB'.

"The outlook revision and lowering of the national scale rating
reflect the difficult operating environment that is placing
pressure on the liquidity and asset quality of all Russian banks,
and particularly on UBRD," said S&P's credit analyst Victor
Nikolskiy.

The ratings on UBRD continue to reflect the bank's weak
capitalization and funding and high related-party and single name
lending concentrations.

These factors are mitigated partially by the bank's good growth in
retail banking, stable management team, and limited exposure to
market risk.

The ratings reflect the bank's stand-alone credit quality, and do
not include any uplift for extraordinary external support--either
from the owners or the government.

With RUR50 billion (US$2 billion) in assets as of June 30, 2008,
UBRD is a midsize regional Russian bank located in the Sverdlovsk
Oblast in the Urals Federal District.  Russian Copper Co. (not
rated) is UBRD's major shareholder.

"The outlook is negative because of the potential negative impact
of the difficult operating environment on UBRD's financial
performance," said Mr. Nikolskiy.  S&P expects asset quality to
deteriorate and pressure the bank's capital and earnings.
Liquidity will remain tight.

S&P sees limited ratings upside until the Russian capital and
financial markets fully stabilize.


===========
S W E D E N
===========


DIGITAL VISION: Reorganization Application Gets Court Okay
----------------------------------------------------------
The District Court in Solna has granted Digital Vision AB's
application for reorganization.  The court has appointed attorney
Eric Lars Gustafsson as administrator.

Creditors have been notified of the court's decision and the basis
for reconstruction.  The creditors' meeting will take place on
October 28, 2008, at 1:00 p.m.

             Reasons for the Board's Decision
              to Apply for Reorganization

The reasons for the Board's decision to apply for reorganization
are the lack of liquidity due to a significant slowdown in sales
during 2008.  However, the Board believes that there are good
opportunities to achieve long-term profitability which is why it
is in the company's interest to apply for reorganization.

In line with what has been communicated in a previous press
release on September 24, 2008, and in interim reports, it is
foremost the writers' strike in Hollywood earlier this year that
is behind the declining sales trend.  Writers' strike had its
effect in the whole media technology.  Several production
companies throughout the world, but mainly in Europe, was
adversely affected, resulting in reduced demand for its products.
As a result of many bankruptcies among these companies also
increased the availability of used products on the market, which
affected the company's sales.  To this ads the general financial
turbulence that has meant difficulties for a large number of
production companies to receive funding for the purchase of new
products, which also has had a negative impact on the company's
sales recently.

The company has reached settlement on a limited bridge funding
intended to satisfy the company's short-term liquidity needs until
a long-term financing solution is secured.  During business
reorganization the company intends to also try to optimize sales
capacity.

                   About Digital Vision

Headquartered in Stockholm, Sweden, Digital Vision --
http://www.digitalvision.se/-- provides innovative image
restoration, enhancement, color correction and data conforming
systems that major movie studios, television networks and post-
production facilities use to produce and enhance feature films, TV
programs and commercials.  The company's Nucoda product line
provides a strong suite of products for tapeless and non linear
grading of HD broadcast and 2K/4K digital intermediate
productions.

Digital Vision AB was founded in 1988.  It has three wholly owned
subsidiaries, Digital Vision US in Los Angeles, California,
Digital Vision UK in London, England, and Digital Vision in Hong
Kong, China.  The company maintains its global presence through a
network of qualified distributors.


=====================
S W I T Z E R L A N D
=====================


BLUMEN BINZ: Creditors Must File Proofs of Claim by Dec. 16
-----------------------------------------------------------
Creditors owed money by LLC Blumen Binz are requested to file
their proofs of claim by Dec. 16, 2008, to:

         JSC Clemenz & Guntern Treuhand
         Zurlindenstrasse 59
         8036 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 20, 2006.


FSZ LLC: Deadline to File Proofs of Claim Set Dec. 31
-----------------------------------------------------
Creditors owed money by LLC FSZ are requested to file their proofs
of claim by Dec. 31, 2008, to:

         Philipp Angehrn
         Hinter Zunen 9
         8702 Zollikon
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 10, 2008.


GENERAL MOTORS: Unable to Secure Financing for Chrysler Merger
--------------------------------------------------------------
General Motors Corp. is still unable to secure the financing
necessary for its acquisition of Chrysler LLC, John D. Stoll and
Jeffrey McCracken at The Wall Street Journal report, citing people
familiar with the matter.

WSJ relates that outside money is needed to fund the cost-cutting
-- especially buyouts and severance packages for tens of thousands
of hourly and salaried employees, which could total as much as
40,000 jobs if a deal between GM and Chrysler succeeds.  WSJ says
that GM is already using up more than US$1 billion in cash a
month.

According to WSJ, GM considers the merger as a better way to
ensure the continued funding of hundreds of thousands of the
United Auto Workers union retiree pensions and health-care
benefits.  The report states that the new company would produce
above US$250 billion in yearly revenue, while owning more than 30%
of the U.S. market, and have an estimated US$30 billion in cash,
thus improving the firm's credit rating and lessening the
possibility of a bankruptcy filing by GM or Chrysler.

WSJ relates that several of the potential lenders are still
unconvinced.  According to the report, credit markets are
extremely tight, and a number of lenders are fearful of the
complexity and scale of a merger between two industrial giants
during an economic crisis.  The report says that supporters of the
deal could go to the U.S. government, arguing that a merger is
vital to the survival of the domestic auto industry.

GM, Cerberus, and the banks could sell a stake in the new company
to the federal government, according to WSJ.  WSJ quoted a source
as saying, "It is still early days, but to make people feel more
comfortable or to get investors to buy in, you have to think a
government role would be important.  That role could take a lot of
forms, but it would be very important.  The government may need to
make it happen."

GM and Cerberus will still decide on how the transaction would be
structured, WSJ states, citing two people involved in the talks.

                 Merger Not Good for Michigan

Matthew Dolan at WSJ relates that a GM-Chrysler merger would land
a heavy economic blow on Michigan, which is already battered by
home foreclosures and the loss of tens of thousands of auto-
industry jobs over the last few years.  The report states that
since 2005, GM, Chrysler, and Ford Motor Co. have cut more than
100,000 jobs across the U.S., making the Detroit area one of the
highest foreclosure rates in the country, and making the economy
so dire that the U.S. State Department cut back on the placement
of Iraqi refugees in Michigan.

According to WSJ, Michigan's unemployment rate in August was 8.9%,
the highest in the U.S.  Economists suspect it could further
increase in 2009, even without a GM-Chrysler deal, the report
says.  Michigan, according to the report, had 13,605 foreclosure
filings in September, fourth highest in the U.S.

WSJ reports that analysts expect GM job cuts and closures at
several Chrysler facilities in Michigan that could be replaced by
GM operations.

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


MEDIAMOUNTAIN PROPERTY: Nov. 2 Set as Deadline to File Claims
-------------------------------------------------------------
Creditors owed money by LLC MediaMountain Property are requested
to file their proofs of claim by Nov. 2, 2008, to:

         Company BDO Visura
         Barbara Eggenberger
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 11, 2008.


ORICO JSC: Proofs of Claim Filing Deadline is Dec. 31
-----------------------------------------------------
Creditors owed money by JSC Gorico are requested to file their
proofs of claim by Dec. 31, 2008, to:

         Alpenstrasse 15
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 16, 2008.


P78 JSC: Creditors' Proofs of Claim Due by Dec. 31
--------------------------------------------------
Creditors owed money by JSC P78 (fka JSC Philipp Plein) in
liquidation, are requested to file their proofs of claim by
Dec. 31, 2008, to:

         Santisstrasse 5
         8580 Amriswil
         Switzerland

The company is currently undergoing liquidation in Amriswil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 25, 2008.


PFERDESPORT DURRER: Dec. 31 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by JSC Pferdesport Durrer are requested to
file their proofs of claim by Dec. 17, 2008, to:

         Hans Durrer
         Acherlistrasse 15
         6064 Kerns
         Switzerland

The company is currently undergoing liquidation in Kerns.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 18, 2004.


TEKSTIL BANKASI: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings affirmed Tekstil Bankasi A.S.'s ratings as:

Long-term foreign currency Issuer Default Rating: 'B'
Short-term foreign currency IDR: 'B'
Long-term local currency IDR: 'B'
Short-term local currency IDR: 'B',
National Long-term rating: 'BBB+(tur)'
Individual rating: 'D'
Support rating: '5'
Support Floor: 'NF'

The Outlooks for the Long-term IDRs and the National Long-term
rating are Stable.

The ratings of Tekstilbank reflect its declining asset quality,
limited profitability, adequate capitalization and limited
franchise in a competitive operating environment.  These are
balanced by its diversified lending, limited market risk, improved
internal systems and prudent growth.

Tekstilbank is primarily involved in corporate and commercial
lending and has a small securities portfolio.  A recent focus on
higher-yielding SME and retail loans provides some
diversification.  However, revenues are dependent on loan book
performance, and profitability was significantly undermined by
loan impairments in H108.  Historically, Tekstilbank has had good
asset quality, but this is starting to wane.  The non-performing
loan ratio increased to 2.6% during the six months to end-H108
from 1.3% in 2007.  Although this is still below the sector
average of 3.07%, the momentum of deterioration is significant.

The bank's funding profile is improving, with a higher share of
customer deposits; liquidity is moderate.  Despite the recent cash
capital injection of TRY60bn, the regulatory capital adequacy
ratio remains close to the practical regulatory minimum of 12%,
which is required for banks to continue opening new branches.  In
Fitch's opinion, improvements in capitalization are essential to
support planned growth, given the bank's small size and limited
internal capital generation as well as the potentially volatile
operating environment.

Tekstilbank, established in 1986, has been majority-owned by GSD
Holding AS, since 2002. GSD Holding has interests in financial
institutions and foreign trade business.  Tekstilbank is a mid-
sized bank in Turkey with 61 domestic branches, mainly focusing on
corporate and commercial banking as well as trade finance, with an
increased emphasis on retail banking and SMEs.  Shareholders
engaged an investment bank in May 2008 to evaluate opportunities
for a possible partnership or the sale of a controlling stake in
Tekstilbank.  Negotiations with investors on this matter are
ongoing, according to management.


=============
U K R A I N E
=============


AUTOMISSION LLC: Creditors Must File Claims by October 25
---------------------------------------------------------
Creditors of LLC Automission have until Oct. 25, 2008, to submit
proofs of claim to:

         Anton Zybin
         Temporary Insolvency Manager
         P.O. Box 2779
         49044 Dnipropetrovsk
         Ukraine
         Tel: (056)374-02-29

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Aug. 26, 2008.  The case
is docketed as B 15/244-08.

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Automission
         49033 Dnipropetrovsk
         Heroes of Stalingrad Str. 122
         Ukraine


BAKHARTI LLC: Creditors Must File Claims by October 25
------------------------------------------------------
Creditors of LLC Bakharti (code EDRPOU 34707242) have until Oct.
25, 2008, to submit proofs of claim to:

         Larisa Timofeeva
         Liquidator/Insolvency Manager
         P.O. Box 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 17, 2008.
The case is docketed as 5/403/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Bakharti
         Geroev Stalingrada Avenue 91
         54025 Nikolaev
         Ukraine


BANK OF GEORGIA: Confirms Funding Discussions with IFC and Lenders
------------------------------------------------------------------
JSC Bank of Georgia has confirmed that it is in discussions with
International Finance Corporation and other potential lenders on a
potential funding transaction, including up to US$100 million to
be provided by IFC and up to US$100 million from other potential
lenders.

The funding package under discussion includes senior,
subordinated, and convertible subordinated loan facilities.  The
part of the funding package of up to US$100 million to be provided
by IFC is subject to approval by IFC's Board of Directors.

                       About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank with
operations in Georgia and Ukraine, is the largest bank by
assets, loans and equity in Georgia.  The major component of the
Galt & Taggart Index, the bank has 117 branches and over
705,000 retail and approximately 64,000 corporate current
accounts.  The bank offers a full range of retail banking and
corporate and investment banking services to its customers
across Georgia.  It also provides a wide range of corporate and
retail insurance products through its wholly owned subsidiary,
BCI, as well as asset & wealth management services.

                          *     *     *

Bank of Georgia continues to carry a 'B+/B' rating with
a stable outlook from Standard & Poor's 'B3/NP' (FC) and
'Ba1/NP (LC) ratings with a stable outlook from Moody's
Investors Service; and a 'B+/B' credit rating with a stable
outlook from Fitch Ratings.


FELLER AND COMPANY: Creditors Must File Claims by October 25
------------------------------------------------------------
Creditors of LLC Feller and Company (code EDRPOU 33598859) have
until Oct. 25, 2008, to submit proofs of claim to:

         LLC Lita
         Liquidator
         Alekseyevskaya Str. 3
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/319-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Feller and Company
         Rybalskaya Str. 13
         01011 Kiev
         Ukraine


FERUM PROFI: Creditors Must File Claims by October 25
-----------------------------------------------------
Creditors of LLC Ferum Profi (code EDRPOU 33661270) have until
Oct. 25, 2008, to submit proofs of claim to:

         B. Krupka
         Liquidator
         Ap. 193
         Independency Boulevard 2
         Brovary
         07400 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept.18, 2008.
The case is docketed as 24/320-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ferum Profi
         Ac. Bogomolets Str. 6
         01024 Kiev
         Ukraine


GEMISTRI LLC: Creditors Must File Claims by October 25
------------------------------------------------------
Creditors of LLC Gemistri (code EDRPOU 33629771) have until Oct.
25, 2008, to submit proofs of claim to:

         LLC Lita
         Liquidator
         Alekseyevskaya Str. 3
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/318-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Gemistri
         Okhtyrsky Lane 3
         03022 Kiev
         Ukraine


MAGNETIC MEDIA: Creditors Must File Claims by Oct. 24
-----------------------------------------------------
Creditors of OJSC Research Institute of Magnetic Media (code
EDRPOU 00209875, account 26009301710273 with PIB, MFO 337397) have
until Oct. 24, 2008, to submit proofs of claim to:

         Sergey Poliakov
         Temporary Insolvency Manager
         Novomestenskaya Str. 10/31
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Dec. 6, 2006.  The case is docketed as
7/204-08.

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Research Institute of Magnetic Media
         Belopolsky Shliakh 13
         40009 Sumy
         Ukraine


MOTORCAR ENTERPRISE 12355: Creditors Must File Claims by Oct. 25
----------------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 12355 (code EDRPOU 03116849)
have until Oct. 25, 2008, to submit proofs of claim to:

         T. Fisun
         Liquidator/Insolvency Manager
         Ap. 18
         Portovaya Str. 6
         69006 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 11, 2008.
The case is docketed as 12/95/08.

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         OJSC Motorcar Enterprise 12355
         Pobeda Str. 63
         69035 Zaporozhje
         Ukraine


PROMINVESTBANK: Prime Minister Backs Nationalization Plan
---------------------------------------------------------
Ukraine's Prime Minister Yulia Tymoshenko has declared her
support for the nationalization of Prominvestbank, which is
currently in receivership, Reuters reports.

"We fully support the nationalization of this bank... The
government will do everything it needs to do.  We should return
this bank back to the state and the state will assume all
responsibility for Prominvestbank's obligations," she told a news
conference.

                          Receivership

As reported in the TCR-Europe on Oct. 13, 2008, Ukraine's central
bank placed Prominvestbank in receivership.  It had barred all
withdrawals from the bank for the next six months and put
Volodymyr Krotyuk, a deputy chairman, in charge.

The report disclosed both the central bank and Prominvest have
spoken of a "raider attack" -- an expression commonly used in the
former Soviet Union to refer to any unconventional way of
attempting to take over or undermine a company.

Prominvest alleged an unnamed group wanted to destabilize the
bank's financial situation to force its owners to sell.  Media
reports claimed top Prominvest executives sought to gain ownership
by increasing its charter capital, the report noted.

Headquartered in Kiev, Prominvestbank -- http://www.pib.ru/--
is sixth largest bank in Ukraine.

                          *    *    *

As reported in the TCR-Europe on Oct. 13, 2008, Moody's Investors
Service downgraded the bank financial strength rating (BFSR) of
Prominvestbank to E from E+, its long-term local currency and
foreign currency bank deposit ratings to Caa2 from Ba2 and B2,
respectively, and its National Scale Rating (NSR) to B3.ua from
Aa1.ua. Long-term deposit ratings have been placed on review with
direction uncertain.


SOUTH-COUNTRY LLC: Creditors Must File Claims by October 25
-----------------------------------------------------------
Creditors of LLC South-Country (code EDRPOU 34851508) have until
Oct. 25, 2008, to submit proofs of claim to:

         Larisa Timofeeva
         Liquidator/Insolvency Manager
         P.O. Box 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 17, 2008.
The case is docketed as 5/405/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC South-Country
         Geroev Stalingrada Avenue 91
         54025 Nikolaev
         Ukraine


TRANSPOLYMER-TRADE: Creditors Must File Claims by October 25
------------------------------------------------------------
Creditors of LLC Transpolymer-Trade (code EDRPOU 35217742) have
until Oct. 25, 2008, to submit proofs of claim to:

         Larisa Timofeeva
         Liquidator/Insolvency Manager
         P.O. Box 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 17, 2008.
The case is docketed as 5/402/08.

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Transpolymer-Trade
         Geroev Stalingrada Avenue 91
         54025 Nikolaev
         Ukraine


UKRAINIAN AGRICULTURAL: Creditors Must File Claims by October 25
----------------------------------------------------------------
Creditors of LLC Ukrainian Agricultural Investment (code EDRPOU
31758823) have until Oct. 25, 2008, to submit proofs of claim to:

         LLC Production Enterprise
         Liquidator
         Kikvidze Str. 26
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/287-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Agricultural Investment
         Ap. 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine


ZAPORIZHSTAL OJSC: Moody's Junks CFR to Caa1 from B3
----------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating of VAT Zaporizhstal reflecting Moody's
expectation that the currently weak financial performance will not
materially improve over the intermediate term in particular as the
market environment has become more challenging for the steel
industry in 2008.  The outlook for the ratings is stable.

The corporate family rating was downgraded to Caa1 from B3 which
primarily reflects : (i) deteriorating operating performance in
2007 in spite of the steel cycle being at the peak with continued
benign market conditions for Ukrainian steel producers and
favorable steel market environment globally; (ii) below-industry-
average operational and financial results that it reported in 2006
and in 2007.  In addition to the use of less efficient production
technology compared to most Ukrainian and international peers, the
low profitability may also be partly attributed to the transfer
pricing to related but unconsolidated companies, including trading
partners responsible for the majority of export sales and
purchases of raw materials; (iii) expectations that on-going capex
investments aimed at the replacement of outdated technology and
efficiency gains, although, should enable the company to better
control costs and at the same time further develop higher value-
added products but such a program would require substantial
investments to be financed mostly by debt.  This would in turn
result in a significant increase in leverage and weakening credit
metrics, which may more than offset the potential benefits.
Recent negative development at the global financial markets could
increase the challenges for the company to raise the necessary
funding at economic costs.

On the other hand the CFR continues to reflect the company
strengths as follows: (i) Moody's acknowledgment of Zaporizhstal's
established position in the Ukrainian steel market, in particular
with respect to higher value-added flat steel products; (ii) its
current low debt level and track record of cash flow generation;
(iii) the company's low fixed cost base; (iv) proximity to its raw
materials and major steel consuming markets (Turkey, EU, Russia);
(v) its continues focus of cost reductions as proven by the
forthcoming investments aimed at improving its product mix and
efficiency.

At the same time, the rating remains constrained by (i) the
company's exposure to the highly cyclical steel industry and to
end-consumer industries such as the ship and machine building,
construction and tubular goods sectors; (ii) negative pressure on
the steel producers as a result of global recession fears; (iii)
the relatively modest size of the company; (iv) weak business
profile and limited operating diversity; (v) the significant share
of export and the company's reliance on trading entities owned by
the same by the same shareholders as Zaporizhstal for such
exports; (vi) the limited level of shareholder transparency and
risk of significant cash outflows to shareholders; (vi) the
evolving and unpredictable Ukrainian business, fiscal and legal
environment

Located in the Zaporizhya region in Eastern Ukraine, VAT
Zaporizhstal is the country's fourth-largest integrated steel
producer with an annual production capacity of 4.57 million
tonnes.  It has a single mill that specializes in the production
of hot-rolled and cold-rolled sheets and coils which accounts for
89% of total output in 2007.  The company exports 64% of its
output to Mediterranean markets, with the majority of its sales
going to, the CIS, Turkey, Africa, Middle East and the EU. It has
a favorable geographic location with close proximity to raw
materials and transportation routes, including Black Sea Ports. In
2007, the company reported sales of UAH9,635 billion (app. US$1.9
billion) and EBITDA of UAH884.3 billion (app. US$177 million).
Zaporizhstal is controlled by two main shareholders: Zaporizhye
Group (44.98%) and Midland Group (44.75%), with 10.27% free-
floating shares.


* Moody's Downgrades 12 Ukrainian Banks' Deposit Ratings
--------------------------------------------------------
Moody's Investors Service has downgraded the global local currency
deposit ratings and the National Scale Ratings (NSRs) of 12
Ukrainian banks.  Moody's has also changed the outlook to stable
from positive on the B2 long-term global foreign currency deposit
ratings of 21 Ukrainian banks.  The local currency debt
instruments issued by four Ukrainian banks and the foreign
currency debt instruments issued by six Ukrainian have also been
downgraded.

"Today's rating action has been triggered by (i) the downgrade of
Ukraine's local currency bank deposit ceiling to Ba1/Not Prime
from Baa1/Prime-2, and by (ii) the change of the outlook on
Ukraine's B2 foreign currency bank deposit ceiling to stable from
positive," says Yaroslav Sovgyra, Vice President -- Senior Credit
Officer in Moody's Moscow-based Financial Institutions Group.

Moody's decision to lower the country's local currency deposit
ceiling to Ba1 from Baa1, announced earlier, followed the
imposition of a six-month suspension by the National Bank of
Ukraine on early withdrawal of household term deposits in the
commercial banking system.  As this action did not differentiate
between local and foreign currency deposits, the gap between
Moody's country ceilings for foreign and local currency bank
deposits has been narrowed accordingly.

The decision to change the outlook to stable from positive on
Ukraine's foreign currency bank deposit ceiling of B2 and foreign
currency debt ceiling of Ba3 was taken since the global liquidity
crunch, combined with the ongoing macroeconomic, financial and
political challenges, diminished the probability that Moody's
would raise the credit rating to Ba3 from B1 in the next 12 to 18
months, thus prompting the change in outlook.

"Following the downgrade to Ba1/Not Prime of the local currency
bank deposit ceiling of Ukraine, the local currency deposit
ratings of Ukrainian banks now benefit from a lower degree of
systemic support due to the lower level of the support provider's
rating (Ba1 instead of Baa1).  In addition, the local currency
deposit ratings of many Ukrainian banks are now constrained by the
new local currency deposit ceiling for Ukraine at Ba1," explains
Mr. Sovgyra.

Moody's downgraded the global local currency (GLC) and NSRs of the
following deposit ratings of Ukrainian banks:

   - Bank Nadra: GLC deposit rating to B1 from Ba3,
     NSR to Aa2.ua from Aa1.ua

   - Calyon Bank Ukraine: GLC deposit rating to Ba1/NP
     from Baa1/P-2, NSR to Aa1.ua from Aaa.ua

   - Index-Bank: GLC deposit rating to Ba1/NP from Baa3/P-3,
     NSR to Aa1.ua from Aaa.ua

   - ING Bank Ukraine: GLC deposit rating to Ba1/NP from
     Baa1/P-2, NSR to Aa1.ua from Aaa.ua

   - OTP Bank Ukraine: GLC deposit rating to Ba1/NP from
     Baa2/P-2, NSR to Aa1.ua from Aaa.ua

   - Pivdenny Bank: GLC deposit rating to B2 from B1,
     NSR to A1.ua from Aa3.ua

   - Privatbank: GLC deposit rating to Ba1/NP from Baa3/P-3,
     NSR to Aa1.ua from Aaa.ua

   - Raiffeisenbank Aval: GLC deposit rating to Ba1/NP
     from Baa1/P-2, NSR to Aa1.ua from Aaa.ua

   - Savings Bank of Ukraine: GLC deposit rating to Ba1/NP
     from Baa2/P-2, NSR to Aa1.ua from Aaa.ua

   - Ukreximbank: GLC deposit rating to Ba1/NP from
     Baa2/P-2

   - Ukrsibbank: GLC deposit rating to Ba1/NP from Baa2/P-2,
     NSR to Aa1.ua from Aaa.ua

   - Ukrsotsbank: GLC deposit rating to Ba1/NP from
     Baa2/P-2, NSR to Aa1.ua from Aaa.ua

Moody's changed the outlook on the global foreign currency long-
term deposit ratings of the following Ukrainian banks to stable
from positive, following the change in outlook on the sovereign
ceiling for such deposits:

   - Alfa Bank Ukraine

   - Bank Finance and Credit

   - Bank Nadra

   - Bank NRB

   - Calyon Bank Ukraine

   - First Ukrainian International Bank

   - Forum Bank

   - Index-Bank

   - ING Bank Ukraine

   - Kreditprombank

   - OTP Bank Ukraine

   - Pivdennyi Bank

   - Pravex-Bank

   - Privatbank Commercial Bank

   - Raiffeisen Bank Aval

   - Savings Bank of Ukraine

   - Swedbank Invest

   - Swedbank OJSC

   - Ukreximbank

   - Ukrsibbank

   - Ukrsotsbank

Moody's downgraded the long-term global local currency and
National Scale debt ratings of the following banks, following the
reduction of systemic support assumptions for these banks due to
the lower level of the systemic support provider's rating (Ba1
instead of Baa1):

   - Pivdennyi Bank: GLC debt rating to B2 from B1,
     NSR debt rating to A1.ua from Aa3.ua

   - Raiffeisenbank Aval: GLC debt rating to Baa2 from
     Baa1

   - Savings Bank of Ukraine: GLC debt rating to Ba1
     from Baa2, NSR debt rating to Aa1.ua

   - Ukrsotsbank: GLC debt rating to Baa3 from Baa2

Moody's has also downgraded the long-term foreign currency debt
ratings of the following banks, either in line with their GLC
ratings or because they are no longer eligible for piercing the
country ceiling for foreign currency debt as their global local
currency deposit ratings are now below the level at which piercing
could be achieved:

   - Ukreximbank: the long-term foreign currency senior
     unsecured and subordinated debt ratings to Ba3
     from Ba2

   - Privatbank: the long-term foreign currency senior
     unsecured debt rating to Ba3 from Ba2

   - Ukrsibbank: the long-term foreign currency senior
     unsecured debt rating to Ba3 from Ba2

   - Ukrsotsbank: the long-term foreign currency senior
      unsecured debt rating to Ba3 from Ba2

   - Bank Nadra: the long-term foreign currency senior
     unsecured debt rating to B1 from Ba3

   - Bank Pivdenny: the long-term foreign currency senior
     unsecured debt rating to B2 from B1


* UKRAINE: Fitch Downgrades Issuer Default Ratings on Ten Banks
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default ratings
of 10 Ukrainian banks and their Support ratings and revised
downwards the Support Rating Floors of four of these banks.  The
Outlooks on the Long-term IDRs remain Negative.  This follows the
downgrade of Ukraine's Long-term foreign and local currency IDRs
to 'B+' from 'BB-' with Negative Outlook.

The downgrade of the IDRs and Support ratings of Swedbank, Forum,
ProCredit Ukraine, VTBU, UkrSib, Ukrsots and Pravex reflects the
downgrade on Ukraine's Country Ceiling to 'B+' from 'BB-'.  The
Country Ceiling of Ukraine limits the extent to which support from
the shareholders of these banks can be factored into their Long-
term foreign currency IDRs, and their Long-term local currency
IDRs also take into account Ukrainian country risks.

Swedbank is 100%-owned by Swedbank AB ('A+'/Negative), Forum is
majority (60%+one share)-owned by German Commerzbank AG
('A'/Rating Watch Negative), ProCredit Ukraine is 60%-owned by
Germany's ProCredit Holding AG ('BBB-' (BBB minus)/Stable), VTBU
is more than 99%-owned by Russia's JSC Bank VTB ('BBB+'/Stable),
UkrSib is 51%-owned by France's BNP Paribas ('AA'/Stable), Ukrsots
is 94%-owned by Italy-based UniCredit ('A+'/Negative) and Pravex
is 100%-owned by Italy's Intesa Sanpaolo ('AA-' (AA
minus)/Stable).  The Long- and Short-term IDRs and Support ratings
of these banks reflect the limited probability of support being
forthcoming from their majority shareholders, in case of need.

The downgrade of the Long-term IDRs and Support ratings of
Oschadny and Ukreximbank reflect the reduced ability of the
government to provide support in case of need as reflected in the
downgrade of Ukraine's Long-term IDRs.  Oschadny's and
Ukreximbank's Long- and Short-term IDRs and Support ratings
reflect Fitch's view of the strong propensity of the Ukrainian
authorities to provide support for these banks in case of need,
although the ability to provide that support is less certain now.
Both Oschadny and Ukreximbank are 100%-owned by the state
(represented by the Cabinet of Ministers of Ukraine).  Non-binding
letters of support from the government have been provided in the
offering circulars of Ukreximbank's international debt issues.

The downgrade of the Privat bank's Support rating and revision of
its Support Rating Floor reflects Fitch's view that the Ukrainian
authorities now have limited ability to provide support if
required, as reflected in the 'B+' sovereign Long-term IDRs,
although there is a propensity to support the bank in case of
need, based on Privat's size and importance to the Ukrainian
banking sector: it is the country's largest bank with a share of
approximately 10% in sector assets and 15% in retail deposits.

The downgrade of the Long-term and Short-term IDRs and revision of
the Support Rating Floor of Nadra Bank reflect the reduced ability
of the government to provide support in case of need, despite the
propensity of the latter to provide such support to a bank of
Nadra's size.  Nadra is the seventh-largest Ukrainian bank by
asset size, with a presence in the retail segment and about 3.4%
of system assets at end-H108.

OJSC Swedbank (Swedbank):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D/E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

Bank Forum (Forum):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Senior unsecured debt: downgraded to 'B+' from 'BB-',
     assigned Recovery Rating 'RR4'

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D/E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

ProCredit Bank (Ukraine) (ProCredit Ukraine):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSC VTB Bank (Ukraine) (VTBU):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D/E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSCIB UkrSibbank (UkrSib):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Senior unsecured debt: downgraded to 'B+' from 'BB-',
     assigned Recovery Rating 'RR4'

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AAA(ukr)';   --
     Outlook Stable

Ukrsotsbank (Ukrsots):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- -Senior unsecured debt: downgraded to 'B+' from 'BB-',
     assigned Recovery Rating 'RR4',

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D'

Pravex Bank (Pravex):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB-' from 'BB';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D/E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSC State Savings Bank of Ukraine (Oschadbank) (Oschadny):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'B+' from 'BB-';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D'

  -- Support Rating Floor revised to 'B+' from 'BB-'

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Stable

JSC The State Export-Import Bank of Ukraine (Ukreximbank):

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BB-'; Outlook remains Negative

  -- Senior unsecured debt: downgraded to 'B+' from 'BB-',
     assigned Recovery rating 'RR4'

  -- Subordinated debt: downgraded to 'B-' from 'B', assigned
     Recovery rating 'RR6'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '4' from '3'

  -- Individual rating: affirmed at 'D',

  -- Support Rating Floor: revised to 'B+' from 'BB-'

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Stable

CJSC Privatbank's (Privat):

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'D'

  -- Support Rating Floor: revised to 'B-' (B minus) from 'B'

Nadra Bank (Nadra):

  -- Long-term foreign currency IDR: downgraded to 'CCC' from
     'B-'; Outlook changed to Stable from Negative

  -- Senior unsecured debt: downgraded to 'CCC' from 'B-',
     affirmed 'RR4'

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'E'

  -- Support Rating Floor: revised to 'No Floor' from 'B-'


* UKRAINE: Global Liquidity Crunch Cues Moody's to Change Outlook
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Ukraine's key
ratings to stable from positive as the global liquidity crunch has
combined with existing macroeconomic, financial and political
challenges.  "As a result, the probability that Moody's would
raise the credit rating to Ba3 from B1 in the next 12 to 18 months
has diminished, prompting the change in outlook," said Moody's
Vice President Jonathan Schiffer.

The credit rating agency also lowered the country's local currency
deposit ceiling to Ba1 from Baa1.  This action followed the
imposition of a six-month suspension by the National Bank of
Ukraine on early withdrawal of household term deposits with
maturity dates in the commercial banking system.  Since this
action did not differentiate between local and foreign currency
deposits, the gap between Moody's country ceilings for foreign and
local currency bank deposits has been narrowed accordingly.

"Although Ukraine's government balance sheet remains strong at the
moment, the current global market turmoil heightens the existing
vulnerabilities that led us to refrain from upgrading the country
four months ago," said Jonathan Schiffer.  "There has already been
speculation against the local currency, with its attendant,
adverse affects for inflation, debt servicing, and the asset
quality of the banking system -- as the majority of foreign
currency borrowings are on-lent in foreign currency-denominated
loans."

The rating action affects the outlooks for the B1 local and
foreign currency government bond ratings, the B2 country ceiling
for foreign currency bank deposits, and the Ba3 foreign currency
country bond ceiling as well as the downgrade of the local
currency ceiling for deposits (to Ba1 from Baa1).


===========================
U N I T E D   K I N G D O M
===========================


AEDES UK: Joint Liquidators Take Over Operations
------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis Business
Recovery Services were appointed joint liquidators of Aedes UK
Ltd. on Oct. 3, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Aedes UK Ltd.
         c/o Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         England


AMERICAN INT'L: To Stop Seeking for Changes in Mortgage Law
-----------------------------------------------------------
Elizabeth Williamson at The Wall Street Journal reports that
American International Group Inc. said it will stop asking
lawmakers and regulators for changes in the mortgage law, after
the congress questioned the company on how it is using more than
US$120 billion loaned by the government.

"We're not suspending lobbying as a cost-saving measure but as
part of an overall review of what activities we should be involved
in," WSJ quoted AIG spokesperson Nick Ashooh as saying.

WSJ relates that congressional overseers have questioned AIG on
its lavish events in the days after its government rescue in
September, including a US$440,000 weekend at a California spa for
top business producers.

As reported in the Troubled Company Reporter on Oct. 20, 2008,
Senator Dianne Feinstein of California, and Senator Mel Martinez
of Florida asked AIG to stop using taxpayers money in its effort
to diminish the new federal controls over the mortgage industry.
After receiving an emergency loan from the government, in exchange
of an 80% stake in the firm, AIG has continued to lobby states
implementing a federal law that subjects mortgage originators to
greater scrutiny.  AIG, along with Citigroup Inc., and HSBC
Holdings PLC, have engaged in a state-by-state effort to win
concessions as states implement the law, saying that the licensing
fees are too expensive, and that the information required from
originators could lead to privacy violations.  The companies want
greater transparency over how the licensing fees are to be spent
by the states.

Under the Secure and Fair Enforcement for Mortgage Licensing Act
of 2008, mortgage originators must be licensed by the states, and
that they must supply comprehensive background information so
regulators can better track their activities.

According to WSJ, Mr. Ashooh said on Monday that the company has
cancelled about 160 events scheduled for the coming months, that
were to cost a total of US$80 million.  "We're reviewing all of
our expenses and activities.  As part of that we have suspended
lobbying activities," the report quoted Mr. Ashooh as saying.  Mr.
Ashooh said that Mr. Liddy has told employees that any personal
expenses incurred during the California spa weekend must be
reimbursed, according to the report.

AIG wasn't closing any of its lobbying offices for now, but staff
layoffs would be part of the company's restructuring, WSJ states,
citing Mr. Ashooh.

          AIG CEO Demands Apology From Jim Cramer

Heidi N. Moore posted on The Deal Journal on Monday that AIG's CEO
Edward Liddy is demanding an apology from CNBC investor and "Mad
Money" host Jim Cramer.

Mr. Liddy said in a letter to Mr. Cramer, "I was deeply
disappointed last Thursday when you urged your viewers to harass
AIG employees....  I demand they be retracted and that you
apologize to AIG's employees.  It is one thing to criticize the
executive leadership of AIG -- that's fair commentary.  But it is
way out of bounds to incite people to confront and harass other
AIG employees -- hard-working, dedicated people who are running
good businesses and are committed to our success.  The employees
of AIG did not cause this mess, but they are paying for it -- in
diminished 401K savings and in some job losses as we sell
companies to repay the Federal loan."

                 About American International

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


AVIVA PLC: Under FSA Scrutiny Due to Solvency Pressures
-------------------------------------------------------
The U.K. Financial Services Authority is to closely examine the
solvency levels of the U.K.'s assurers, including Aviva Plc, amid
concerns that crumbling investment markets are putting their
solvency levels under pressure, The Times Online writes.

Supervisors at the FSA, the Times says, are also concerned that
insurance companies are not stress-testing their exposures hard
enough to take account of market shocks.  FSA officials will visit
life company offices for a case-by-case analysis of the way they
protect themselves against their investments going wrong.

Aviva, which owns Norwich Union, Legal & General, Friends
Provident and Prudential, have been contacted by the regulator,
the report says.

Despite sustained falls in the equity and property markets and the
volatility of bonds, the Times reports that there is no suggestion
that any U.K. insurer is in danger of becoming insolvent.
However, the FSA is worried that insurers may not be factoring in
the heightened risk of defaults on corporate bonds when they
calculate how much capital to set aside to cover their investment
risks.

Britain's biggest insurers have stood up well in the financial
crisis, the biggest test of their strength since 2002, when
falling equity markets threatened to make several insolvent, the
report relates.  On October 14, life companies shook off
suggestions that their solvency levels were a cause for concern.

Aviva, the largest, assured late last week that it had GBP1.9
billion of surplus capital at the end of last month.  It said that
after increased hedging, even if equities lost a further 40%, that
surplus would fall by only GBP700 million.

                 Norwich Union Arm Battles Fraud

On Oct. 20, 2008, Aviva disclosed that its unit, Norwich Union
Healthcare Limited, is cracking down on the industry issue of
healthcare provider fraud by implementing a new comprehensive
counter-fraud program.

Norwich Union Healthcare will work with top advisory firm KPMG and
use proven techniques, applied extensively in the NHS and
internationally, to be able to accurately measure the total cost
of healthcare provider fraud.  Counter fraud work undertaken in
the NHS resulted in a reduction in losses of up to 60% and more
than GBP800 million in financial benefits (a 12:1 return on the
costs of the work).

Simon Arnold, director of healthcare -- customer, said: "Our
customers come first and we are determined that resources intended
to provide the best possible healthcare to our policy holders
should not be lost to fraud and error by a minority of healthcare
providers.  While the vast honest majority would condemn their
actions, it is sadly this minority whose actions result in raised
premiums for our customers and divert resources from their
intended purposes.  Working with KPMG, and their counter fraud
specialists, we will reduce these losses for the benefit of our
policy holders."

Hugh Laing, NUHC chief medical officer, said: "The vast majority
of healthcare professionals will welcome this new comprehensive
approach. Fairness and objectivity will be our watchwords and I am
confident that we can help protect NUHC and its resources to the
benefit of all its stakeholders."

Jim Gee, director of fraud services at KPMG Forensic, and formerly
CEO of the NHS counter fraud service, said: "We are looking
forward to working with NUHC with the aim of reducing their losses
to healthcare provider fraud and error.  I am confident that there
are real gains to be made for NUHC and its policy holders from
implementing this programme.  Healthcare provider fraud is not a
victimless crime, it raises costs for policy holders and diverts
resources from delivering healthcare.  Alongside the joint
initiative with NUHC we are delighted to sponsor the inaugural
Health Insurers Counter Fraud Group (HICFG) Conference next
month."

                         About Aviva plc

London-based Aviva plc (LON: AV) -- http://www.aviva.com/-- along
with its subsidiaries, transacts life assurance and long-term
savings business, fund management, and most classes of general
insurance and health business.  The company also invests in
securities, properties, mortgages and loans and carries on the
business of trading in property.  The company operates in four
segments: longterm business, fund management, general insurance
and health.  It has subsidiaries, associates and branches in
United Kingdom, Ireland, continental Europe, United States,
Canada, Asia, Australia and other countries worldwide.


BARCLAYS PLC: Denies French Company's Fraud Allegations
-------------------------------------------------------
An undisclosed French company, represented by U.S. lawyer Geoffrey
C. Jarvis, Esq., sued Barclays plc in a New York court alleging
that the bank moved loss-making investments from its own accounts
to those held by outside investors, BBC News reports.  The losses
to investors reportedly total hundreds of millions of dollars.

Barclays refused to discuss the case but denies the allegations
and told BBC File On 4, that the action has "no merit."

BBC News notes that the case against Barclays centers on two
complex investments -- one called Golden Key and the other called
Mainsail -- which the bank created to sell to outside investors.

The complainant alleges that in the summer of 2007, at a time when
the sub-prime crisis was growing, Barclays arranged for hundreds
of millions of dollars worth of mortgage-based securities to be
transferred from its own accounts to the two SIV-lites.  The
French company claims it was told these investments, known as
"SIV-lites", were super-safe and offered a AAA or AA rating, BBC
News relates.

As cited by BBC News, Mr. Jarvis said that Barclays should have
known in June 2007 that such mortgage-based investments were
"substantially impaired."  He added "if [Barclays] didn't know,
they were certainly reckless in not knowing."

                        About Barclays Plc

Based in London, Barclays Plc -- http://www.barclays.co.uk/-- is
a global financial services provider engaged in retail and
commercial banking, credit cards, investment banking, wealth
management and investment management services.  The company, along
with its subsidiaries, operates through six business segments:
U.K. Banking, Barclaycard, International Retail and Commercial
Banking, Barclays Capital, Barclays Global Investors and Barclays
Wealth.  The company has operations in Russia, Pakistan, and North
America.

As reported by the Troubled Company Reporter on Oct. 14, 2008,
Barclays Bank PLC will raise in excess of GBP6.5 billion of Tier 1
Capital which will result in a pro forma Tier 1 Capital ratio as
at June 30, 2008 of over 11%.  In the light of the new capital
ratios agreed with the U.K. Financial Services Authority and in
recognition of the need to maximize capital resources in the
current economic climate, Barclays board has concluded that it
would not be appropriate to recommend the payment of a final
dividend for 2008.  This dividend, amounting to GBP2 billion,
would otherwise have been payable in April 2009.  Barclays intends
to resume dividend payments in the second half of 2009.

                          *     *     *

On Oct. 18, 2008, Fitch Ratings affirmed Barclays plc at Long-term
IDR 'AA', Short-term IDR 'F1+' and Support '5'.  The Support
Rating Floor is affirmed at 'no floor'.

Barclays Bank plc, the sole subsidiary of Barclays, is affirmed at
Long-term IDR and senior unsecured debt 'AA', Short-term IDR
'F1+', subordinated debt and preference shares 'AA-' (AA minus),
Support Rating floor 'AA-' (AA minus) and Support '1'.  The
Individual Rating of Barclays Bank plc is downgraded to 'B' from
'A/B'.  This rating action has no impact on the 'AAA' rating of
the covered bonds of Barclays Bank plc.  The Outlook for the Long-
term IDRs of both Barclays Bank plc and Barclays plc remains
Negative.


BAUGUR GROUP: House of Fraser Ready to Buy Stake
------------------------------------------------
House of Fraser said Thursday it would consider buying Baugur's
stake if the Icelandic firm's shares were put up for sale, Julia
Finch of The Guardian reports.  Baugur owns a 35% stake in the
retail chain.  It used loans from Kaupthing to buy the stake, the
report discloses.

House of Fraser, the report relates, insisted "it has all the
funding in place to operate successfully" amid speculation that
some of the stores in the Baugur/Kaupthing empire are experiencing
increasing financial pressure, stating "we have minimal exposure
to the tragedy that is happening in Iceland."

"However, should any of the debt or the minority shareholdings in
House of Fraser be put up for sale, we will examine it on a case-
by-case basis," the report quotes House of Fraser as saying.

Meanwhile, Sir Philip Green is still keen to acquire Baugur's
debt, which could in effect give him control of the entire Baugur
empire, which also includes Whistles, Jane Norman, the Iceland
supermarket group, Hamleys, Wyevale Garden Centres, Goldsmiths,
Mappin & Webb, and Aurum, the report notes.

Permira and Texas Pacific are among the private equity groups
vying for the Icelandic retailer's empire, according to the
report.

However, an executive said that while "the Icelandic government is
trying to get an auction going, the whole thing is bogged down in
committees", the report adds.

As reported in the TCR-Europe on Oct. 15, 2008, Baugur chairman
Jon Asgeir Johannesson warned that the group's investment could
"fall one after another" unless it completed a deal with
Mr. Green to buy Baugur's debt from the Icelandic banks and the
Government.

Baugur earlier dismissed media speculation that it was considering
placing its UK holding company into administration.

Baugur Group -- http://baugur.com/-- is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


C.L.E.A.R. PLC: S&P Lowers Credit Ratings on Nine CDO Bonds to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' and removed
from CreditWatch with negative implications its credit ratings on
nine synthetic collateralized debt obligation (CDO) bonds issued
by C.L.E.A.R. PLC.

These rating actions reflect the recent downgrade of the
underlying collateral, which the issuer purchased using note
proceeds in each transaction.  The rating actions do not reflect
any changes in the reference portfolio.

The debt issued by Sigma Finance Corp. makes up the collateral in
these transactions.  On Oct. 17, S&P lowered its issuer credit and
senior debt ratings on Sigma to 'D' from 'CCC-/Watch Neg'.

Previously, on Oct. 1, 2008, S&P lowered the ratings in these
transactions to 'CCC-/Watch Neg' following rating actions on Sigma
Finance.

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC

Ratings Lowered And Removed From CreditWatch Negative:

  -- JPY3 Billion Limited-Recourse Secured Credit-Linked Variable-
     Rate Notes Series 32 (Aramis)

            D                    CCC-/Watch Neg

  -- US$50 Million Limited-Recourse Secured Credit-Linked
     Variable-Rate Notes Series 37 (Aramis)

            D                    CCC-/Watch Neg

  -- AU$5 Million Limited-Recourse Secured Credit-Linked Variable-
     Rate Notes Series 40 (Aramis)

            D                    CCC-/Watch Neg

  -- AU$19.1 Million Limited-Recourse Secured Credit-Linked Step-
     Up Notes Series 56

            D                    CCC-/Watch Neg

  -- AU$4 Million Limited-Recourse Secured Credit-Linked Step-Up
     Notes Series 57

            D                    CCC-/Watch Neg

  -- US$10 Million Limited-Recourse Secured Credit-Linked Notes
     Series 58

            D                    CCC-/Watch Neg

  -- JPY1 Billion Limited Recourse Secured Credit-Linked Floating-
     Rate Notes Series 63

            D                    CCC-/Watch Neg

  -- JPY1 Billion Limited Recourse Secured Credit-Linked Floating-
     Rate Notes Series 64

            D                    CCC-/Watch Neg

  -- AU$5 Million Limited-Recourse Secured Credit-Linked Variable-
     Rate Notes Series 69 (Aramis)

            D                    CCC-/Watch Neg


COMPLETELY COMMON: Taps PwC as Joint Administrators
---------------------------------------------------
Ian David Green and Nicholas Edward Reed of PricewaterhouseCoopers
LLP were appointed joint administrators of Completey Common Ltd.
(Company Number 06015288) on Oct. 7, 2008.

The company can be reached at:

         Completey Common Ltd.
         2 Brewery Wharf
         Kendall Street
         Leeds
         LS10 1RJ
         England


CONSOLIDATED VENDING: Appoints Joint Administrators from Tenon
--------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Consolidated Vending plc
(Company Number 05838528) on Oct. 1, 2008.

The company can be reached at:

         Consolidated Vending plc
         Fourth Floor
         150-152 Fenchurch Street
         London
         EC3M 6BB
         England


COULL LTD: Brings in Joint Administrators from Mazars
-----------------------------------------------------
Timothy Colin Hamilton Ball and Roderick John Weston of Mazars LLP
were appointed joint administrators of Coull Ltd.
(Company Number 03523419) on Oct. 1, 2008.

The company can be reached at:

         Coull Ltd.
         The Television Centre
         Bath Road
         Bristol
         BS4 3HG
         England


INTEC MANAGEMENT: Calls in Joint Administrators from BDO Stoy
-------------------------------------------------------------
A. H. Beckingham and M. Tait of BDO Stoy Hayward LLP were
appointed joint administrators of Intect Management Ltd. (Company
Number 01214120) on Oct. 2, 2008.


JEAN BARTLETT: Appoints Joint Administrators from PwC
-----------------------------------------------------
Ross David Connock and Robert Nicholas Lewis of
PricewaterhouseCoopers LLP were appointed joint administrators of
Jean Bartlett Cottage Holidays Ltd. (Company Number 04769984) on
Oct. 6, 2008.

The company can be reached at:

         Jean Bartlett Cottage Holidays Ltd.
         The Old Dairy
         7 Fore Street
         Beer
         Seaton
         Devon
         EX12 3JA
         England


KIDDIES RIDES: Brings in Joint Administrators from Tenon
--------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Kiddies Rides (UK) Ltd. (Company Number
02888861) on Oct. 1, 2008.

The company can be reached at:

         Kiddies Rides (UK) Ltd.
         3 Barnes Wallis Court
         Wellington Road
         High Wycombe
         Bucks
         HP12 3PR
         England


META-MORPHOSE LTD: HSBC Taps Deloitte & Touche as Receivers
-----------------------------------------------------------
HSBC Bank PLC appointed Stephen Anthony John Ramsbottom and
Richard Michael Hawes of Deloitte & Touche LLP appointed joint
administrative receivers of Meta-Morphose Ltd. (Company Number
02928651) on Oct. 9, 2008.

The company can be reached at:

         Meta-Morphose Ltd.
         Isdall House
         High Street
         Prestbury
         Cheltenham
         Gloucestershire
         GL52 3AY
         England


R & M FARHI: Enters Into Administration
---------------------------------------
R&M Farhi Ltd, the luxury confectionary packaging company based in
Peterborough, England, entered into administration on Oct. 6,
2008, with the appointment of joint administrators Peter Wastell
and Michael Young, partners at Vantis Business Recovery Services,
a division of Vantis, the UK accounting, tax and business advisory
group.

"The business was sadly forced into administration due to the
falling demand for luxury confectionery products and a lack of
working capital." Mr. Wastell said.

The business ceased trading on October 6.  R&M Farhi sourced and
packaged luxury chocolate products for distribution in the retail
market under its own brand "Rita Farhi".


MFI RETAIL: May Cut 1,000 Jobs as Administrators Seek Buyers
------------------------------------------------------------
The Independent's James Thompson reports that about 1,000 MFI
Retail Ltd staff are at risk of losing their jobs as administrator
Kroll has so far not been able to find a buyer for the furniture
retailer's remaining 81 stores.

"At this stage, we have not been able to complete sales of the
remaining stores.  Therefore, in order to maximize the realization
of assets, a wind-down process has commenced while we continue to
seek purchasers for those remaining stores," the Independent
quotes Fraser Gray, Kroll's corporate advisory and restructuring
group partner, as saying.

He added, "all employees have been made aware of the situation."

Kroll, however, declined to comment on the scale of the potential
redundancies, the Independent notes.

As reported in the TCR-Europe, MFI, on Oct. 6, placed its retail
and property units into administration after completing a
management buyout deal.

The report said the MBO, led by MFI's chief executive Gary Favell,
secured 1,350 jobs under the new company, MFI Group, although 39
employees were made redundant.

On Oct. 2, 2008, the TCR-Europe reported Mr. Favell unveiled plans
to buy MFI from Merchant Equity Partners on Sept. 29.

MEP, which bought MFI for a nominal GBP1 two years ago, was
thought to have paid the MBO team a GBP25 million dowry to take
the furniture retailer off its hands, the report noted.

MFI Retail Ltd. is a retailer of quality fitted furniture in the
UK.  Merchant Equity Partners acquired the company in October
2006.


REFCO INC: Files Quarterly Report for Period Ended September 30
---------------------------------------------------------------
Refco, Inc., and its affiliates, including Refco Capital Markets,
Ltd., delivered to the U.S. District Court for the Southern
District of New York a copy of their post-confirmation quarterly
report for the period from July 1 to Sept. 30, 2008.

Peter F. James, controller of Refco, reports that cash balance
of US$147,755,000 at the start of July 2008 decreased to
US$146,403,000 at the end of the reporting period.  The
Reorganized Debtors received US$7,236,000 in total cash and
disbursed US$8,588,000 for the second quarter of 2008.

     Unaudited Schedule of Cash Receipts and Disbursements
                         (in thousands)

                     Beginning                           Ending
Debtor                Balance  Receipts  Disbursements  Balance
------               --------- --------  -------------  -------
Refco Capital Markets  US$86,571      US$578    (US$4,170)
US$82,979
Refco Capital LLC       12,566     6,402     (1,877)       6,941
Refco Commodity Mgt.     4,386        26         (2)       4,410
Refco F/X Assoc.         8,527        23     (1,666)       6,884
Refco Global Holdings   34,867       207         (1)      45,073
Refco Inc.                 838         -        872          116
Other Debtors                -         -          -            -
                     --------  --------   --------     --------
        Totals       US$147,755 US$7,236   (US$8,588)  US$146,403

Mr. James notes that Refco Capital LLC made intercompany
transfers totaling US$10,150,000 broken down as US$10,000,000 to
Refco Global Holdings, LLC, and US$150,000 to Refco Inc.

The Reorganized Debtors served as paying agent for certain non-
Debtors and Refco, LLC.

Mr. James states that the US$578,000 in receipts for RCM includes
US$231,000 in proceeds from miscellaneous asset recoveries and
US$347,000 in interest income.

Mr. James adds that RCM's US$4,170,000 disbursement includes
distributions to creditors, totaling US$2,280,000, and the payment
of operating expenses, including professional fees.  He notes
that no securities were sold during the reporting period.

Furthermore, Mr. James reports that US$6,400,000 in receipts for
Refco Capital LLC includes (i) a US$10,000,000 transfer in July
2008 by Refco Capital to Refco Global Holdings, for investment in
treasury and other government securities, and (ii) US$150,000 in
funding by Refco Capital to Refco, Inc. for catch-up payments to
Contributing Debtor Allowed Class 5a Unsecured Claims for claims
allowed subsequent to June 30, 2008.

Mr. James states that the cash balance at June 30, 2008, includes
reserves, totaling US$6,900,000, for disputed claims and wind-down
costs.

Mr. James discloses RCMI received US$26,000 as interest income and
paid US$2,000 for its direct expenses.  Refco F/X Associates also:

  * earned interest income totaling US$23,000;

  * disbursed US$1,670,000 for operating expenses and professional
    fees, totaling US$100,000; and

  * made distributions to creditors, totaling US$1,570,000.

According to Mr. James, Refco Global Holding, LLC, received
US$207,000 as interest income.  It disbursed US$1,000 for its
direct expenses.  Its intercompany receipts include the
US$10,000,000 transfer by Refco Capital LLC for investment in
treasury and other government securities.

Mr. James notes that the Reorganized Debtors' cash balance at
September 30, 2008, includes US$45,100,000 for reserves for
disputed claims against the Contributing Debtors and for wind-
down costs.

The Debtors' cash at Sept. 30, 2008, and at June 30, 2008,
included US$100,000 and US$900,000 for outstanding checks from the
first through the sixth interim distributions to allowed class 5a
unsecured claims, Mr. James noted.

Mr. James reports that all insurance policies of the Reorganized
Debtors are fully paid for the current period, including amounts
owed for workers' compensation and disability insurance.

           Schedule of Cash Distributions to Creditors
                         (in thousands)

                                     Quarter Ended   Emergence
                                     Sep. 30, 2008   to Date
                                     --------------  ---------
Administrative and Operating Expenses       US$2,924
US$87,959

TREATMENT OF CONTRIBUTING DEBTORS'
CREDITORS AND INTEREST HOLDERS
Priority Tax Claims                            600        1,557
Class 1 - Non Tax Priority Claims                -            -
Class 2 - Other Secured Claims                   -            -
Class 3 - Secured Lender Claims                  -      703,967
Class 4 - Senior Subordinated Note Claims        -      335,985
Class 5(a) - Contributing Debtors
  General Unsecured Claims                    872      137,172
Class 5(b) - Related Claims                      -            -
Class 6 - RCM Intercompany Claims                -            -
Class 7 - Subordinated Claims                    -            -
Class 8 - Old Equity Interests                   -            -

TREATMENT OF FXA CREDITORS
Priority Tax Claims                              -           90
Class 1 - FXA Non-Tax Priority Claims            -            -
Class 2 - FXA Other Secured Claims               -            -
Class 3 - FXA Secured Lender Claims              -            -
Class 4 - FXA Sr. Subordinated Note Claims       -            -
Class 5(a) - FXA General Unsecured Claims    1,037       19,453
Class 5(b) - Related Claims                      -            -
Class 6 - FXA Convenience Claims                 -        4,827
Class 7 - FXA Subordinated Claims                -            -

TREATMENT OF RCM CREDITORS
Priority Tax Claims                              -            -
Class 1 - RCM Non-Tax Priority Claims            -            -
Class 2 - RCM Other Secured Claims               -            -
Class 3 - RCM FX/Unsecured Claims            1,562      324,465
Class 4 - RCM Securities Customer Claims       717    2,585,394
Class 5 - RCM Leuthold Metals Claims             -       19,364
Class 6 - Related Claims                         -            -
Class 7 - RCM Subordinated Claims                -            -

A full-text copy of the Reorganized Debtors' Post-Confirmation
Quarterly Report for the Third Quarter 2008 is available at no
charge at http://ResearchArchives.com/t/s?3403

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News, Issue No. 88; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


R.Y. AMES: Brings in Joint Administrators from Mazars
-----------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP were appointed joint
liquidators of R.Y. Ames Ltd. on Oct. 2, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         R.Y. Ames Ltd.
         c/o Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton Down
         Clifton
         Bristol
         BS8 4AN
         England


SNAP DIGITAL: Calls in Joint Administrators from Tenon Recovery
---------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Snap Digital Imaging Ltd. (Company Number
03620123) on Oct. 1, 2008.

The company can be reached at:

         Snap Digital Imaging Ltd.
         Fourth Floor
         150-152 Fenchurch Street
         London
         EC3M 6BB
         England


STOWDEN PROPERTIES: Bank of Scotland Appoints Pwc as Receivers
--------------------------------------------------------------
Bank of Scotland Plc appointed Robert William Birchall and Colin
Michael Trevethyn Haig of PricewaterhouseCoopers LLP joint
administrative receivers of Stowden Properties Ltd. (Company
Number 04659745) on Oct. 8, 2008.


* Fitch Chips Ratings on Three Mortgage Insurance Companies
-----------------------------------------------------------
Fitch Ratings has downgraded the ratings for three mortgage
insurance companies and affiliated ratings:

-- Genworth Mortgage Insurance Corporation
-- Mortgage Guaranty Insurance Corporation
-- PMI Mortgage Insurance Co.

Additionally, Fitch is reviewing the rating of Republic Mortgage
Insurance Corp. (insurer financial strength 'AA-', Rating Watch
Negative) and expects to issue separate commentary on this rating
within one week.

Fitch is also reviewing the ratings of United Guaranty Residential
Insurance Company (IFS 'AA-', Rating Watch Evolving) as part of an
overall review with regard to its ultimate parent company,
American International Group, Inc. (AIG, long-term issuer default
rating 'A'; Rating Watch Evolving) and plans to issue commentary
on United Guaranty in concert with the overall AIG review.

The actions reflect continued deterioration across the U.S. MI
industry, arising primarily from exposure to mortgages originated
in 2006 and 2007.  Early performance statistics related to
business insured in the first half of 2008 indicate that this book
of business may perform poorly as well given that some of the more
meaningful underwriting changes were not fully incorporated until
the second quarter of 2008.  Looser underwriting, increased
incidence of fraud and sharp home price depreciation have resulted
in high levels of early term delinquencies which, in turn, have
caused the MI industry to post significant loss reserves.  Fitch
anticipates increased delinquencies and losses for the industry,
and is forecasting on average a 30% peak-to-trough decline in home
prices nationally.

Offsetting increased losses, however, Fitch notes a meaningful
increase in claim denial activity across the industry relating to
fraudulent loans.  Fitch believes that rescission activity will
play a significant role in the MI industry's loss mitigation
strategy over the short term, particularly with regard to the 2007
vintage and Alt-A exposure, allowing to varying degrees some
control over the amount and timing of losses.

The current environment also has served as a catalyst for change
in several fundamental aspects of the MI business that are likely
to improve the stability and profitability of the business in the
future.  For instance, the MI companies have implemented several
rounds of underwriting changes that will result in a more
conservative credit profile, once the legacy portfolios'
performance stabilizes.  In addition to more conservative
underwriting guidelines, MI companies have implemented pricing
increases with the most notable increases becoming effective in
August of 2008 when the MI industry increased prices on all
products by an average of 20%.  Finally, the industry will also
benefit from reduced use of excess-of-loss lender captive
reinsurance arrangements, allowing them to capture more of the
mortgage origination value-chain.

Fitch believes that while the prospects for future business are
positive, these are overshadowed by the near-term challenges of
the legacy insured portfolios.  In the event of a continued
economic slowdown, mortgage insurers would likely face rising
losses.  Mortgage insurers will also be limited in how much new
business they can write under the new, more profitable
underwriting/pricing guidelines given that the companies will
likely need to conserve capital in the near term.  Given the
challenges at hand, Fitch anticipates that the MI industry will
not return to profitability until 2010 at the earliest.

Fitch also recognizes there is significant uncertainty with regard
to what overall impact the concerted government initiatives will
have on the MI industry.  If actions by the U.S. government serve
to stabilize the U.S. residential housing markets and reduce
foreclosure rates, this would be an unambiguously positive
development for the MI industry, as would material capital
injections.

Fitch will also continue to monitor any implications that may
arise for the industry as a whole or for individual MI companies
in relation to the primary beneficiaries of their product, the
government-sponsored enterprises.  Historically, there were strong
incentives for the MI industry to manage to a 'AA' ratings level
to maintain the GSE's minimum credit profile.  Fitch will monitor
industry developments including whether this remains a long term
goal for the industry.

Fitch provides these rating actions on these mortgage insurance
companies:

  * Genworth Mortgage Insurance Corp.:

Fitch has downgraded the IFS rating of Genworth Mortgage Insurance
Corp., its U.S. operational affiliates, and Genworth Financial
Mortgage Insurance Limited to 'A+' from 'AA'.

Fitch has also downgraded the IFS rating of Genworth Financial
Mortgage Insurance Pty Ltd to 'AA-' from 'AA'.

All ratings have been removed from Rating Watch Negative.

The Outlook on all ratings has been revised to Negative.

Fitch has downgraded the following IFS ratings and placed them on
Outlook Negative:

-- Genworth Mortgage Insurance Corporation

-- Genworth Residential Mortgage Insurance Corporation of North
    Carolina

-- Genworth Financial Assurance Corporation

-- Genworth Financial Mortgage Insurance Limited
    (Genworth Europe)

-- IFS to 'A+' from 'AA'.

-- Genworth Financial Mortgage Insurance Pty Ltd (Genworth
    Australia)

-- IFS to 'AA-' from 'AA'.

These rating actions incorporate Fitch's view that GMICO will
continue to experience elevated losses on the 2005 through 2007
vintage insured exposure, particularly if the U.S. economy
continues to slow, and that the performance of these vintages in
the near term will outweigh the underwriting and profitability
improvements on current originations.  Additionally, Fitch also
believes that a deteriorating economic outlook in Europe would
depress Genworth Europe's operating results, which could
potentially create additional strain for the U.S. mortgage
insurance balance sheet given the intercompany support agreement
currently in place.

The ratings reflect Fitch's views of the company's risk profile
and capitalization as a standalone entity, following Genworth
Financial, Inc.'s (GNW, long term issuer default rating 'A-')
recently announced strategic review of the U.S. mortgage insurance
business.  While historically GMICO's ratings had benefitted from
its ownership by a diversified holding company, GWN's support for
the U.S. MI operations is not expected at this time.  GMICO
historically had operated with a level of capital more consistent
with a 'AA' category rating.  Fitch views GMICO as being
adequately capitalized at its current ratings level, fully taking
into consideration changes in implied support from GNW.

Positively, GMICO continues to maintain an insured portfolio whose
credit profile compares favorably with other MI companies with
respect to certain key risk characteristics.  For instance,
relative to the industry, on June 30, 2008 GMICO had lower Alt-A
exposure (5% of primary risk in force), a higher percentage of
fixed rate mortgages (95% of primary risk in force), and lower
exposure to certain stressed regions such as California and
Florida (6% and 9% of primary risk in force, respectively).  This
has resulted in more favorable delinquency and loss development
for GMICO when compared to other MI companies.  However, the
delinquency performance GMICO's 2007 vintage has developed closer
to that of the rest of the industry and GMICO underwrote
significant volume in the first half of 2008, prior to
underwriting and pricing changes fully going into affect.

Genworth's Australia's operations benefit from stringent capital
standards required by the Australian regulatory authorities,
which, combined with a high level of regulatory oversight and a
strict corporate governance regime, substantially ringfence the
Australian subsidiary from the capital adequacy concerns regarding
GMICO.  Genworth Australia's established market position combined
with the benefits created by the regulatory environment affords
the company a certain degree of ratings separation from its parent
company and GMICO.  As a result of these considerations, Fitch
believes that a one-notch downgrade of Genworth Australia's IFS to
'AA-' adequately balances the benefits of Genworth Australia's
franchise value, stand-alone capital adequacy and regulatory
environment against concerns created by financial pressure being
experienced by GMICO.

The ratings of Genworth Europe have been downgraded in tandem with
GMICO as this entity receives tangible support from the U.S.
mortgage operations in the form of a net worth maintenance
agreement.

As of June 30, 2008, GMICO and its consolidated U.S. mortgage
insurance affiliates maintained consolidated U.S. risk in force of
US$36.4 billion and consolidated U.S. statutory capital of
US$2.5 billion for a risk to capital ratio of 14.6:1.  GMICO also
maintains US$948 million in of capital in trust related to captive
reinsurance arrangements as of this date.

  * Mortgage Guaranty Insurance Corp.:

Fitch has downgraded the IFS ratings of Mortgage Guaranty
Insurance Corp. and MGIC Australia Pty Ltd to 'A-' from 'A+'.

Fitch has also downgraded the long-term issuer ratings of MGIC
Investment Corp. to 'BBB-' from 'BBB+'.

The ratings for these entities have been removed from Rating Watch
Negative, and the Outlook has been revised to Negative.

Mortgage Guaranty Insurance Corp.
MGIC Australia Pty Ltd
-- IFS to 'A-' from 'A+'

MGIC Investment Corp.
-- Long-Term Issuer Rating to 'BBB-' from 'BBB+';

-- US$200 million 5.625% senior notes due Sept. 15, 2011
    to 'BBB-' from 'BBB+';

-- US$300 million 5.375% senior notes due Nov. 1, 2015 to 'BBB-'
    from 'BBB+';

-- US$390 million of convertible junior subordinated debentures
    to 'BB' from 'BBB';

MGIC's ratings incorporate Fitch's view that MGIC will continue to
experience elevated losses on the 2005 through 2007 vintage
exposure as the U.S. economy continues to slow, and that the
performance of these vintages will significantly outweigh the
underwriting and profitability improvements of new business over
the near to intermediate term.  The rating actions also factor in
the significant progress that MGIC has made in bolstering the
balance sheet of the U.S. mortgage insurance operations through
the recent issuance of common stock and convertible junior
subordinated debentures by MGIC Investment and the sale of MGIC's
entire interest in Sherman Financial Group LLC.

Largely as a result of these capital raising initiatives, Fitch
views MGIC as appropriately capitalized for a MI company rated in
the 'A' category.  That said, Fitch is concerned that MGIC's
earnings profile may exhibit significant volatility given MGIC's
sizable volume of new insurance written in 2007.  Further, on
Sept. 30, 2008 the company maintained significant exposure to
stressed regions such as Florida and California (8.3% and 7.5% of
primary risk in force, respectively), and to low FICO mortgages.
To the extent that MGIC experiences higher losses, Fitch would
expect this to be partially offset by greater loss mitigation
activity, particularly in the form of claim rescissions.

The rating on the convertible junior subordinated debt reflects
Fitch's concern that the stress facing MGIC could, at some point,
lead to reduced dividend payments to MGIC Investment, which fund
the bulk of the holding company's debt service requirements.
This, in turn, would place pressure on MGIC Investment's debt
service capacity.  The subordinated debentures are deferrable for
up to ten years, and in Fitch's opinion would be at greatest risk
of a payment suspension.

Fitch notes that the risk of dividend reduction to the holding
company is partly mitigated by the US$382 million of cash held by
MGIC Investment.  That said, liquidity resources required to repay
the US$200 million outstanding under MGIC Investment's bank line,
either to eliminate the potential for a breach of the bank line's
financial covenants or at its due date in 2010, may limit the
holding company's ability to apply the full balance of its cash
reserves to ongoing debt service requirements in the event of a
reduction in MGIC dividend capacity.

The rating of MGIC Australia Pty Ltd has also been downgraded
based on the rating action on U.S. mortgage insurance operations.
While subject to ring fencing, this entity has not underwritten
significant exposures to date and in Fitch's view, its franchise
value is closely linked to the U.S. operations.

As of Sept. 30, 2008, MGIC maintained U.S. risk in force of
US$62 billion and a risk to capital ratio of 13.9:1. MGIC also
maintains US$796 million of capital in trust related to captive
reinsurance arrangements.

  * PMI Mortgage Insurance Co.:

Fitch has downgraded the IFS ratings of PMI Mortgage Insurance
Co., its U.S. based operational affiliates and PMI Mortgage
Insurance Company Limited (PMI Europe) to 'BBB+' from 'A+'.

Fitch has also downgraded the long-term issuer ratings of The PMI
Group, Inc. and PMI Capital I.

These ratings for these entities have been removed from Rating
Watch Negative, and the Outlook has been revised to Negative.

Fitch has downgraded these ratings:

PMI Mortgage Insurance Co.
PMI Insurance Co.
PMI Mortgage Insurance Company Limited (PMI Europe)
-- IFS to 'BBB+' from 'A+'

The PMI Group, Inc.
-- Long-term Issuer Rating to 'BB' from 'BBB+';
-- US$250 million 6% senior notes due 2016 to 'BB' from 'BBB+';
-- US$150 million 6.625% senior notes 2036 to 'BB' from 'BBB+';
-- US$45 million 5.568% senior notes due 2008 to 'BB' from
'BBB+'.

PMI Capital I
-- US$52 million 8.309% trust preferred securities 2027 to 'BB-'
  from 'BBB'.

The rating actions incorporate expectations of continued losses in
2005 through early 2008 vintages, which, when compared to the rest
of the MI industry, include higher concentration levels to
geographic regions and mortgage products are under the greatest
stress.  As a result, Fitch expects the performance of the legacy
portfolio will outweigh near-term benefits from actions PMI has
taken to improve underwriting and profitability.  The action also
reflects concerns that the deteriorating economic outlook in
Europe may depress PMI Europe's operating results, which could
create additional strain for the U.S. operating and holding
company balance sheets given the intercompany support agreement
currently in place.

Positively, Fitch's actions recognize the progress that PMI has
made in bolstering U.S. mortgage operation's balance sheet and
capitalization through the sale of PMI's Australian and Asian
mortgage insurance operations, by repatriating capital from PMI
Guaranty and its plans to repatriate capital from its Canadian
mortgage insurance operations.  Nonetheless, Fitch views PMI's
risk-adjusted capitalization as more in line with a rating in the
'BBB' category.

Fitch is concerned that PMI's earnings profile may exhibit greater
than industry average volatility given PMI's relatively larger
exposure to stressed regions such as California and Florida (8.4%
and 10.8% of primary risk in force, respectively), and a higher
proportion of Alt-A mortgages (21.9% of primary risk in force).
PMI also maintains a noticeable amount of exposure to interest
only mortgages (13.8% of primary risk in force).  To the extent
that PMI experiences higher losses, Fitch would expect this to be
partially offset by greater loss mitigation activity, particularly
in the form of claim rescissions.

The ratings differential between the operating company and the
holding company reflect concerns that PMI's holding company
liquidity position is at increased risk arising from certain
financial and ratings-based covenants within the company's bank
credit facility, particularly with regard to a maximum risk-to-
capital ratio of 20:1.  If one or more of these covenants are
tripped, this would cause an acceleration of the US$200 million in
borrowings under the bank facility as well as acceleration of
other outstanding senior debt obligations under existing cross-
default provisions.

With US$282 million of cash at the holding company currently, TPG
maintains sufficient cash at the holding company to meet such a
liquidity event, but with a limited margin of safety.  Such a
liquidity event would pressure TPG's debt service coverage and
overall financial flexibility, and is inconsistent with an
investment-grade rating at the holding company in Fitch's view.

As of June 30, 2008, PMI maintained U.S. risk in force of
US$33.4 billion and a reported risk to capital ratio of 12.6:1.
PMI also maintains US$787.8 million in of capital in trust related
to captive reinsurance arrangements.

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, Marie Therese V. Profetana and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

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